Climbing back up the cliff

Posted at: 01/02/2013 12:24 AM
By: Jessica Layton

Patience has been running thin as the future of America's finances and the fate of how much we all pay in taxes has been hanging in the balance.

Congress took its time to come to an agreement on how to avoid the fiscal cliff. Late Tuesday night, the House of Representatives passed the same deal the Senate had about 24 hours earlier.

As of late Tuesday night, the bill was on its way to the White House for President Obama's signature.

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

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 portion of the bill is designed to stop a spike in milk prices.

The bill will, at least for the time being, prevent a sharp increase in taxes for America's middle class.