The United States Congress is set to vote on a bill that would potentially avoid the country’s so-called fiscal-cliff disaster scenario.
Majority leader in the House of Representatives, Eric Cantor, told Reuters he expects a vote on a legislation within days.
However, this comes just after Republicans reportedly rejected the latest offer from the White House. The debate is ongoing in order to avoid a range of tax hikes and spending cuts that will occur by default if a deal isn’t made.
Some progress has been made – President Barack Obama has agreed on a compromise on the tax threshold issue and Republicans have agreed to higher taxes for high income earners.
The latest plan would raise taxes on those earning above $400,000, instead of Obama’s proposal of $250,000.
This was first published on our sister site, SmartCompany.
Myriam Robin is a reporter for SmartCompany and its sister site LeadingCompany. She has degrees in economics, international studies and journalism. She likes writing about businesses taking risks and doing new things.
