House Gives Final Passage To Fiscal Cliff Bill

WASHINGTON (AP) â¿¿ Legislation to block the "fiscal cliff" is headed to the White House for President Barack Obama's signature. The bill will avoid, for now, the major tax increases and government spending cuts that had been scheduled to take effect with the new year.

Final approval came in the House on New Year's Night. The vote was 257 to 167.

The Senate passed the bill less than 24 hours earlier.

The measure raises tax rates on incomes over $400,000 for individuals and $450,000 for couples, a victory for Obama.

It also extends expiring unemployment benefits for the long-term jobless, prevents a cut in fees for doctors who treat Medicare patients and cancels a $900 pay increase due to lawmakers in March.

Another provision is designed to prevent a spike in milk prices.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More from Opinion

Why a Global Stock Market Crash Is Coming

Why a Global Stock Market Crash Is Coming

3 New Investing Myths That Must Be Busted

3 New Investing Myths That Must Be Busted

Sears CEO Eddie Lampert Looks Like He Is Sucking Company Dry

Sears CEO Eddie Lampert Looks Like He Is Sucking Company Dry

Nasdaq Exec: Exchange Is 'All-In' on Using Blockchain Technology

Nasdaq Exec: Exchange Is 'All-In' on Using Blockchain Technology

It's Dumb to Think Legalizing Weed Is Still a Political Issue

It's Dumb to Think Legalizing Weed Is Still a Political Issue