Roxanne Cooper (THE RAW STORY):
Following the U.S. House’s passage of a bill to avoid the so-called “fiscal cliff,” President Barrack Obama addressed the nation. As Raw Story reported earlier: The bill, which will now go to President Obama, will allow tax rates to revert to their pre-Bush levels for Americans with annual incomes over $450,000. That amounts to an estimate $600 billion in revenue over the next 10 years. Despite a Republican demand for budget cuts to be a part of any deal, there are no net spending cuts in the final deal. While he praised the House’s passage of the bill, Obama offered that additional deficit reduction was needed and that he “will not have another debate with this Congress over whether or not they should pay the bills for laws they have already racked up,” –alluding to yet another debt ceiling showdown due two months from now.
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