The Senate attempts to Help the U.S. avoid the negative ramifications of falling off the fiscal cliff:
The 2012 calendar year is over but many of the problems that dogged the U.S. economy then, continue to stoke concerns today. The U.S. economy did go over the fiscal cliff when the old year expired, but congressional leaders are working to push back the hands of time. Hours into the new year, the Senate achieved a bipartisan deal to help the U.S. avoid the pitfalls associated with the imminent tax hikes and spending cuts scheduled for 2013.
On New Year’s day, the Democratic controlled Senate voted 89-8 to raise some taxes, but to protect the middle class. President Obama responded by saying the Senate did the right thing for the country.
Unemployment Benefit Extension to Help Millions of Americans:
The bill will help extend unemployment insurance for millions of Americans. Specifically, the bill would extend jobless benefits for the long term unemployed for another year and would cost roughly $30 billion. The Senate approval was a win for the Democratic majority in the Senate. The House approved the fiscal cliff deal with votes of support totaling 257. The President has said he will sign the legislation.