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House of Representatives Debates Key Tax Deal

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During its session on Tuesday, the US House of Representatives examined the tax deal, needed to avert a combination of wider tax rises and massive budget cuts, but failed to vote on it.

WASHINGTON, January 2 (RIA Novosti) - During its session on Tuesday, the US House of Representatives examined the tax deal, needed to avert a combination of wider tax rises and massive budget cuts, but failed to vote on it.

The US Senate voted to approve the deal on January 1.

Members of the House of Representatives, who initially voiced their support for the bill, said after lengthy debates on Tuesday afternoon that they were not completely satisfied with the plan.

House Republicans said several amendments should be introduced to the bill. So far, they failed to agree on whether to vote on the Senate-approved version or amend it and send back for another Senate vote.

The Congress should approve tax rises for individuals earning over $400,000 a year and families earning over $450,000 before a new Congress is sworn-in on Thursday noon or face automatic budget cuts.

The bill would raise roughly $600 billion in new revenues over 10 years, according to various estimates.

The deal will have major longer-term implications for the wider world, as economists had feared the combination of budget cuts and tax hikes which were set to kick in if no deal was struck could plunge the United States into recession, dragging down other faltering economies.

 

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