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| Version 7 | Version 8 |
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| US House considers deal on fiscal cliff | US House considers deal on fiscal cliff |
| (about 2 hours later) | |
| A US Senate-backed deal to stave off a "fiscal cliff" of drastic taxation and spending measures has passed to the House of Representatives. | A US Senate-backed deal to stave off a "fiscal cliff" of drastic taxation and spending measures has passed to the House of Representatives. |
| President Barack Obama has urged the House to pass the bill "without delay". | President Barack Obama has urged the House to pass the bill "without delay". |
| However, after holding a meeting, House Republicans expressed serious concerns, saying the mood was to amend the Senate bill to add more spending cuts. | However, after holding a meeting, House Republicans expressed serious concerns, saying the mood was to amend the Senate bill to add more spending cuts. |
| There is intense pressure for a vote in the House before financial markets reopen on Wednesday. | There is intense pressure for a vote in the House before financial markets reopen on Wednesday. |
| But participants at the Republicans' meeting said the overwhelming sentiment was a desire to amend the bill and return it to the Senate. | But participants at the Republicans' meeting said the overwhelming sentiment was a desire to amend the bill and return it to the Senate. |
| A party aide told Reuters news agency that the members had met late on Tuesday afternoon to decide a strategy, but the meeting ended without any public comment. | |
| Meanwhile, the Senate announced it had adjourned until Wednesday lunchtime - meaning any amended bill referred back from the House of Representatives overnight would not be dealt with until then. | |
| 'Cannot wait' | 'Cannot wait' |
| The Republican majority leader, Eric Cantor, said after the meeting: "I do not support the bill." | The Republican majority leader, Eric Cantor, said after the meeting: "I do not support the bill." |
| Brendan Buck, a spokesman for the speaker of the Republican-led House, John Boehner, said: "The lack of spending cuts in the Senate bill was a universal concern amongst members in today's meeting." | Brendan Buck, a spokesman for the speaker of the Republican-led House, John Boehner, said: "The lack of spending cuts in the Senate bill was a universal concern amongst members in today's meeting." |
| Representative Spencer Bachus said: "I'd be shocked if this does not go back to the Senate." | Representative Spencer Bachus said: "I'd be shocked if this does not go back to the Senate." |
| After a meeting of the House Democrats, Minority Leader Nancy Pelosi urged Mr Boehner to allow the House to vote on the deal. | After a meeting of the House Democrats, Minority Leader Nancy Pelosi urged Mr Boehner to allow the House to vote on the deal. |
| "That is what we expect. That is what the American people deserve," Ms Pelosi said. | "That is what we expect. That is what the American people deserve," Ms Pelosi said. |
| Democrat representative Steve Cohen said: "My district cannot afford to wait a few days and have the stock market go down 300 points tomorrow if we don't get together and do something." | Democrat representative Steve Cohen said: "My district cannot afford to wait a few days and have the stock market go down 300 points tomorrow if we don't get together and do something." |
| The current Congress is also scheduled to expire on Thursday. If the House rejects the bill, a new House would have to start all over again. | The current Congress is also scheduled to expire on Thursday. If the House rejects the bill, a new House would have to start all over again. |
| The "fiscal cliff" measures - cutting spending and increasing taxes dramatically - came into effect at midnight on Monday when George W Bush-era tax cuts expired. | The "fiscal cliff" measures - cutting spending and increasing taxes dramatically - came into effect at midnight on Monday when George W Bush-era tax cuts expired. |
| The 1 January deadline triggered tax increases of about $536bn and spending cuts of $109bn from domestic and military programmes. | The 1 January deadline triggered tax increases of about $536bn and spending cuts of $109bn from domestic and military programmes. |
| Few effects were felt immediately, as Tuesday is a public holiday. But economists warn that if the full effects of the fiscal cliff are allowed to take hold, the resulting reduction in consumer spending could spark a new recession. | Few effects were felt immediately, as Tuesday is a public holiday. But economists warn that if the full effects of the fiscal cliff are allowed to take hold, the resulting reduction in consumer spending could spark a new recession. |
| The Senate-backed bill, which raises taxes for the wealthy, was passed in the early hours of Tuesday by 89 votes to eight after lengthy talks between Vice-President Joe Biden and Senate Republicans. | The Senate-backed bill, which raises taxes for the wealthy, was passed in the early hours of Tuesday by 89 votes to eight after lengthy talks between Vice-President Joe Biden and Senate Republicans. |
| Spending cuts have been delayed for two months to allow a wider agreement. | Spending cuts have been delayed for two months to allow a wider agreement. |
| In hailing the Senate vote, President Obama had stressed the urgency of a House approval. | In hailing the Senate vote, President Obama had stressed the urgency of a House approval. |
| He said in a statement: "While neither Democrats nor Republicans got everything they wanted, this agreement is the right thing to do for our country and the House should pass it without delay." | He said in a statement: "While neither Democrats nor Republicans got everything they wanted, this agreement is the right thing to do for our country and the House should pass it without delay." |
| The compromise Senate deal extends the tax cuts for Americans earning under $400,000 (£246,000) - up from the $250,000 level Democrats had originally sought. | The compromise Senate deal extends the tax cuts for Americans earning under $400,000 (£246,000) - up from the $250,000 level Democrats had originally sought. |
| In addition to the income tax rates and spending cuts, the package includes: | In addition to the income tax rates and spending cuts, the package includes: |
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