Fiscal Cliff Deal Brings No Relief To Struggling Americans

Posted by clnews _Featured_, Economy, Videos Wednesday, January 2nd, 2013

The U.S. House of Representatives has approved a controversial bill, designed to prevent the country from potentially sliding back into recession. The fiscal cliff deal – passed earlier by the Senate – will prevent nationwide tax hikes and spending cuts from coming into force, at least for the time being. (READ MORE: House approves ‘fiscal cliff’ deal)

The House Republicans wanted to amend the bill, but then decided they didn’t have enough support to make last-minute changes to the motion. The tug-of-war over the text revolved around a Democrat-promoted increase in income tax for the rich – for the first time in two decades. But analyst Lawrence Freeman says that, in the long run, this bill won’t make life any easier for millions of struggling Americans.