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The United States fiscal cliff refers to the combined effect of several previously-enacted laws that came into effect simultaneously in January 2013, increasing taxes and decreasing spending. The Bush tax cuts of 2001 and 2003, which had been extended for two years by the 2010 Tax Relief Act, were scheduled to expire on December 31, 2012.
But it was determined to be unlikely that the Senate would vote on any amended legislation before the end of the 112th Congress at noon on January 3, 2013 (all legislation under consideration expires at the end of each Congress), and failure to pass a bill and thus prolong the time over the cliff was seen as politically disadvantageous by the ...
It passed the House on a mostly party-line 221–207 vote. However, later that day, the Senate voted 59–40 to reject the House Republican budget. [17] On March 23, the Senate passed its own 2014 budget on a 50–49 vote. The House refused to hold a vote on the Senate budget. [18]
The Senate approved the House-passed short-term government funding bill in a just-after-midnight vote by a vote of 85-11. The legislation will extend government funding until March 14.
5 Implementation and results. ... fiscal cliff; Foreign policy; Task forces ... 2022, the bill was passed by the House on a 220–207 vote, ...
Senate Bill 645 codifies a state budget process that would allow the state Auditor of Public Accounts to tag a locality as being in “fiscal distress” if it does not ably or willingly produce ...
The much-discussed fiscal cliff is predicted to hit at the end of the year, and Fool.com finance analysts Anand Chokkavelu and Matt Koppenheffer chime in on what it means for you. The ...
Major planks for the House Republicans during the election campaign were cutting federal spending [132] and stopping any tax increases. [133] December 1, 2010: The Bowles-Simpson Commission on Fiscal Responsibility and Reform issued its report, but the recommendations failed to win support of at least 14 of the 18 members necessary to adopt it ...