House and Senate Agree on Fiscal Cliff Deal

, Posted: Wed, January 2 2013 at 8:05 AM, Updated: Wed, January 2 2013 at 8:08 AM

In a New Year's night vote, the House passed the "fiscal cliff" compromise bill from the Senate.

The bill passed by a vote of 257 to 167. 

The deal means higher taxes on upper income Americans, which the President wanted. 

Many Republicans were against the bill because while raising taxes, it provides no net cuts in spending.

The legislation is now headed to the White House to be signed by President Obama. At this point, it's not clear when the President plans on signing the bill.

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