Senate’s "fiscal cliff" bill adds $4 trillion to deficits: CBO

WASHINGTON (Reuters) – The Congressional Budget Office on Tuesday said Senate-passed legislation to avert the “fiscal cliff” would add nearly $4 trillion to federal deficits over a decade, largely because it would extend low tax rates for almost all Americans. The congressional scorekeeper’s analysis was released as a number of Republicans in the House of Representatives voiced opposition to the bill, and considered amending it with deeper spending cuts. House Majority Leader Eric Cantor and others complained the bill’s spending cuts would do little to curb trillion-dollar deficits. …

Senate’s "fiscal cliff" bill packed with sweeteners

WASHINGTON (Reuters) – The Senate packed an eclectic mix of handouts and takebacks into its last-minute deal to avoid the “fiscal cliff,” including a measure to repeal part of President Barack Obama’s signature healthcare overhaul and a string of special interest tax breaks. At the center of the 157-page bill adopted early Tuesday are provisions to raise taxes on the wealthiest households and to make permanent Bush-era tax cuts for the middle class. The bill now goes to the Republican-controlled House of Representatives. …

House Republicans balk at "fiscal cliff" deal

Speaker of the House John Boehner (R-OH) walks from a meeting with House Republicans about a solution for the "fiscal cliff" on Capitol HillWASHINGTON (Reuters) – Washington's last-minute scramble to step back from a "fiscal cliff" ran into trouble on Tuesday as Republicans in the House of Representatives balked at a deal to avert a budget crisis. Republican leaders in the House said they might try to change the bill approved by the Senate which voted to raise taxes on the wealthy in a late-night show of unity. That would set up a high-stakes game of chicken between the two chambers and risk a stinging rebuke from financial markets that are due to open in Asia in six hours. …

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