House Speaker John Boehner promised a quick vote on the fiscal cliff bill passed early Tuesday morning in the United States Senate. Boehner has not endorsed the agreement, which may face opposition from conservative lawmakers in the House.
Vice President Joe Biden negotiated the deal with Senate republicans over the weekend.
The agreement makes Bush-era tax cuts permanent for individuals making under $400,000 a year and families making under $450,000.
It also postpones harsh across-the-board spending cuts for a few months.
"This deal is far from what this country needs, but I cannot in good conscience allow taxes to be raised on all Americans and send our economy into turmoil," Congressman Saxby Chambliss said.
"This eleventh-hour negotiation is no way to run a country, but I voted for this agreement because it protects 99 percent of Americans from a tax increase," Congressman Johnny Isakson said.
President Barack Obama praised the Senate agreement and urged the house to act without delay.
Lawmakers missed the January first deadline, but the bill will be retroactive.
"While I am pleased that most Americans have been saved from an increase in taxes, I won't be satisfied that the Senate has finished its work on the fiscal cliff until significant spending cuts on discretionary and entitlement spending have occurred," Chambliss said.
"Now, it is time for the president to get serious about spending cuts and entitlement reforms and I look forward to enacting significant measures in the coming weeks that will reduce our debt," Isakson said.
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