News from Congresswoman Madeleine Z. Bordallo
Congress Passes Deal to Avert Fiscal Cliff
FOR IMMEDIATE RELEASE – January 1, 2013 – Washington, D.C. –
Congresswoman Madeleine Z. Bordallo today announced that the House passed the Senate amendment to H.R. 8, the American Taxpayer Relief Act of 2012, with a vote of 257 yeas to 167 noes. This compromise, or the deal to avert the fiscal cliff, was passed by the Senate with strong bipartisan support early on Tuesday morning, January 1, 2013.
“Although this compromise is not the perfect solution, it includes many provisions that protect working families, including permanently extending middle-class tax cuts,” said Congresswoman “Bordallo. “This compromise promotes economic recovery and growth by ensuring middle income families have more money in their pockets to reinvest in the economy and send their kids to school. Moreover, it will raise $620 billion in revenue by asking the wealthiest 2 percent of Americans to pay more while protecting 98 percent of families and 97 percent of small businesses from any income tax increase.
Of particular note, the bill also delays the sequester, or automatic spending cuts, from occurring for another two months. While I am pleased that my colleagues were able to reach this tax agreement, Congress will need to continue to work in a bipartisan fashion in the coming months. It is my hope that this spirit of compromise will carry over into the 113th Congress as we work to find more long-term solutions to prevent sequestration.”