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Fiscal Cliff Deal Reactions

Raquel Lamal

Photo: Video by nbc26.com

Fiscal Cliff Deal Reactions

CREATED Jan. 2, 2013

With a last minute vote Congress passed a law to avoid the fiscal cliff.  They agreed to raise income tax rates on the wealthy or those making $400,000 or more a year from 35% to almost 40%.  

For the rest of the nation things will remain mostly the same except for one minor change.  Social Security tax is going to go up just 2%.  

The next thing on the agenda for Congress to sort out is the looming debt ceiling.  They have two months before they vote on military and federal spending cuts.

 
 

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