The Senate early on New Year's Day voted overwhelmingly in favor of a fiscal cliff deal that would extend tax rates on annual household income under $450,000 and postpones automatic spending cuts for two months.
The bill was approved in an 89-8 vote that came after only 10 minutes of formal floor debate and no official score from the Congressional Budget Office. The Joint Committee on Taxation estimated it would reduce federal revenue by $3.93 trillion over the next decade compared to current law.
Net spending reduction?
$15 billion.
In other words, effectively zero.
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