The House of Representatives last night passed the Senate bill aimed as forestalling the fiscal cliff. The bill makes 'permanent' the Bush era tax cuts for households making less than $450k.
The Senate bill also forestalls sequestration - dramatic cuts in Federal spending - for two months. This gives the new Congress a chance to find less painful ways to cut government spending.
The bill also contains additional features important to various subgroups like physicians and the unemployed. See The Ticket article on Yahoo News for details.
The jury is still out on whether Congress will be able to agree upon ways to cut government spending, particularly the spending on entitlements. A betting person would bet against it.
