US House passes budget bill | Bangkok Post: business

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US House passes budget bill

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The United States House of Representatives passed legislation averting income tax increases for most US workers after Republicans abandoned their effort to attach spending cuts that would have been rejected by the Senate. 

The 257-167 bipartisan vote breaks a yearlong impasse over how to head off US$600 billion in tax increases and spending cuts set to begin taking effect on Monday (Thai time). The Senate passed the bill Wednesday morning (Thai time), 89-8, and it goes to President Barack Obama for his signature.

"I realise that some argue that compromise is a sign of weakness," Rules Committee Chairman David Dreier, a California Republican, said during floor debate. "I hope that this bipartisan agreement can lay the foundation for continued work to address the tremendous challenges that we face as a nation."

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