Fiscal Cliff Averted
January 1, 2013Early this morning, the Senate rang in the New Year by approving legislation to avert the economic impacts of the fiscal cliff. The bipartisan agreement makes changes to tax policy by allowing for the first income tax rate increase in nearly two decades and also delays the sequester by offering $24 billion in other spending reductions. The House is scheduled to take up the legislation at noon today. Conservative opposition in the House has thwarted earlier fiscal cliff proposals and…