Obama calls for less 'drama,' 'brinkmanship'
(CNN) - President Barack Obama called late Tuesday for Congress to employ "a little less drama, a little less brinkmanship and scare folks a little less" in future fiscal dealings, as he and Congress consider the prospect of working together again to avoid future economic crises.
"While I will negotiate over many things, I won't have another debate with this Congress on whether they should pay the bills we racked up in the past," he said.
Obama spoke at the White House shortly after the House passed a scaled-back deal to avoid the fiscal cliff. The deal was passed earlier by the Senate and goes next to Obama's desk.
A full transcript of his remarks is after the jump.
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Breaking: Senate fiscal cliff deal passes House
(CNN) - The House late Tuesday approved a Senate bill to avert the feared fiscal cliff by a vote of 257 to 167.
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World markets react to fiscal cliff
Hong Kong (CNNMoney) - International markets opened for business Wednesday as lawmakers in the United States raced to complete legislation that would mute much but not all of the fiscal cliff.
The Senate passed a compromise measure Tuesday that would extend the Bush-era tax cuts for the vast majority of Americans and spare tens of millions from the Alternative Minimum Tax.
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House Republicans drop plans to amend Senate cliff deal
Washington (CNN) - After their second caucus meeting of the day, House Republicans decided not to attempt the process of amending the scaled back fiscal cliff deal, and instead bring the Senate proposal to an up-or-down vote on the House floor.
The vote is expected to take place between 11:15 and 11:45 p.m. ET, according to House Republican leaders.
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Fiscal cliff deal would hit the rich – but it could have been worse
New York (CNNMoney) - The rich would see a much bigger tax bill under the fiscal cliff deal that passed the Senate early Tuesday morning, but even they would get some nice breaks.
Those making a million and up would pay $122,560 more in federal taxes, on average, according to new estimates by the Tax Policy Center. That means this group, which includes those bringing home many millions of dollars, would see a 5.7% drop in after-tax income.
FULL STORYBiden rallies Democrats on the Hill
Washington (CNN) - Vice President Joe Biden answered questions from House Democrats for roughly 45 minutes Tuesday while rallying support for the fiscal cliff agreement that passed through the Senate, according to a Democratic source present at the meeting.
Biden, who was a key player in the deal brokered between the White House and Congressional leaders, spent an hour talking to members of the House Democratic caucus explaining the negotiations step by step, the source said.
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CBO: Fiscal cliff deal adds $4 trillion to deficits
New York (CNNMoney) - The fiscal cliff deal passed by the Senate Tuesday morning would increase deficits over the next decade by close to $4 trillion, according to the Congressional Budget Office.
But that's relative to where deficits would otherwise be if Congress were to let all the Bush tax cuts expire and keep much if not all of the other tax hikes and spending cuts under the fiscal cliff in place. Under that scenario, only $2.88 trillion would be added to the debt over the next decade.
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Cantor opposes fiscal cliff bill
Washington (CNN) - House Majority Leader Eric Cantor said Tuesday he opposes the Senate version of the fiscal cliff bill, as the hours wind down for the House to vote on a deal that would avert a combination of tax hikes and spending cuts.
"I do not support the bill," Cantor told reporters while leaving a House GOP meeting.
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Other nuggets in the fiscal cliff bill: Rum, electric vehicles and motor sports
Washington (CNN) - So what is really in the fiscal cliff legislation?
Of course, there are the widely-known sticking points the two sides have been haggling over for weeks: extensions of the income tax cuts for middle and low-income earners, the current estate tax rate, and the alternative minimum tax.
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AFL-CIO's Trumka: 'Lawmakers should have listened better'
(CNN) - The day after the U.S. Senate passed a bill averting the fiscal cliff, AFL-CIO President Richard Trumka issued a statement chastising lawmakers for some of the tax provisions included in the measure.
"Lawmakers should have listened even better," Trumka wrote. "The deal extends the Bush tax cuts for families earning between $250,000 and $450,000 a year and makes permanent Bush estate tax cuts exempting estates valued up to $5 million from any tax. These concessions amount to over $200 billion in additional tax cuts for the 2%."
The full statement from Trumka is after the jump.
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