Senate votes, passes bill to avert fiscal cliff

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Posted: Tuesday, January 1, 2013 12:00 am

WASHINGTON — Senators early today voted 89-8 to pass a measure to avert the so-called fiscal cliff of steep tax increases and budget cuts. The pact reached late Monday between Senate Republicans and the White House would allow tax rates to rise on affluent Americans. But the measure did not pass in time for Congress to meet its Dec. 31 deadline for averting automatic tax increases and spending cuts deemed a threat to the economy.

The House was not expected to consider any deal until today at the earliest, meaning that a combination of tax increases and spending cuts would go into effect in the first days of 2013.

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