Washington's last-minute scramble to step back from a recession-inducing "fiscal cliff" shifted to the Republican-controlled House of Representatives on Tuesday after the Senate approved a bipartisan deal to avoid steep tax hikes and spending cuts. Deborah Lutterbeck reports.
That's about all U.S. lawmakers are saying about an early morning Senate-passed deal to avert the so called fiscal cliff.
NOW It's the Republican-controlled House of Representatives turn.
Questions remain whether the Republican-controlled House will accept the bill that raises taxes on the wealthy and does little to address spending.
Republican Virginia Representative Scott Rigell:
(SOUNDBITE) (English) VIRGINIA REPRESENTATIVE SCOTT RIGELL SAYING:
"It fails to address the mortal threat facing our country, uncontrolled spending. It fails to reflect the balanced approach that was advocated by our President so we find ourselves again with a bill that reflects not financial wisdom but the seductive spirit that pervades this town."
If Congress fails to act -- the automatic $503 billion in tax hikes and federal spending cuts could begin to take effect with a potentially devastating impact on the U.S. economy.
