A deal to avert the fiscal cliff is now in the hands of the House of Representatives.
The Senate passed the measure early Tuesday by a sweeping 89-8 vote. House passage of the measure would send it to President Barack Obama for his signature.
The bill would increase taxes on family income exceeding $450,000 and delay across-the-board spending cuts for two months.
The bill temporarily extends certain tax breaks, like college tuition and child care and research and development.
Unemployment insurance will be extended for a year, and milk prices won't go up.
But even if the bill does pass, taxes are still likely to go up. It's expected to come from a two year social security tax cut.
"The fiscal tax rate was cut in 2011 and 2012 for employees that is scheduled to go back up to a 6.2 percent rate on January 1, so everyone will see a decrease in their take home pay," said John Mcduffie, Certified Public Accountant.
A vote is expected Tuesday.
Copyright 2012 WALB. All rights reserved.
All content © Copyright 2000 - 2013 Worldnow and WALB, a Raycom Media Station. 
