Just before 11 o'clock on Tuesday evening, the House passed the Senate's proposed deal on the "fiscal cliff" by a vote of 257-167. Now, the legislation is on its way to the president's desk, where it awaits the signature of President Obama.
The Senate passed the deal on Tuesday morning 89 - 8. No tax increase for individuals making less than $400,000, couples making less than $450,000, with minimal spending cuts.
Representative Glenn Thompson tells us he appreciates the hard work of Vice President Joe Biden and Senate Majority Leader Mitch McConnell for working out the framework of this bill. As it stand, though, Thompson says, its an imperfect one.
He believes continuing the current tax policy will help with economic growth and job creation. But without finding a solution to eliminate the 17 trillion dollars in national debt, there is no way to truly solve the fiscal cliff.
"Now, not later, is the time to get serious about reducing the spending," said Thompson. "That's all I'm looking for, that's what I'm hopeful for in terms of any amendment we're able to come together on as it gets closer to closing the deal."
With the House's approval of the Senate's deal, Congress now has a two-month extension to figure out what do when it comes to cuts in spending.