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Stock Market News – Fiscal Cliff Deal Finally Passes Congress

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Fiscal Deal passes Congress. So what now.. I would say we what now is the details of the Fiscal Deal. The market will probably see a strong rally, but if the details of the Fiscal Deal are not truly up to par. We may see the recent market gains begin to retrace.


Stock Market News – Fiscal Cliff Deal Finally Passes Congress

 

Unbias Stock Market News -

The final vote tally was 257 to 167. A majority of Republican House members opposed the bill, with a total of 151 Republicans and 16 Democrats voting against it.

The passage came after the Senate approved the measure by a large bipartisan majority of 89-8 in the wee hours Tuesday morning, as lawmakers scrambled to avert much broader tax hikes and heavy spending cuts.

The bill now heads to the White House, where President Barack Obama is expected to sign it into law.

The deal raises tax rates on upper-level household incomes, extends unemployment benefits, and delays across-the-board spending cuts for two months, but it also lets a 2% payroll-tax cut lapse.

Tax rates will rise to 39.6% from 35% currently on individual incomes of more than $400,000 and on couples’ incomes over $450,000.

The deal does nothing to address the U.S. borrowing limit, which was officially reached Monday, forcing the Treasury to take special measures to delay insolvency for the U.S. government.

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