(KTVI) – St. Louisans and Americans across the country can breathe a little easier this morning when it comes to the dreaded fiscal cliff.
The House of Representatives approved a bill late last night stopping the country from going over the cliff.
All of the reps from our area voted for the bill except for Congressman Todd Akin.
The Senate approved the same bill early on New Year `s Day morning.
Without the legislation, many billions in tax increases and spending cuts would have kicked in.
Under the deal, taxes will go up only for the wealthiest Americans.
The tax rates for individuals making more than $400,000 a year and couples making more than $450,000 a year will go up from 35% to nearly 40%
Taxes on inherited estates will also go up to 40% from 35%.
Unemployment insurance will be extended for a year for two million people.
A spike in milk prices will also be avoided.
It`s expected to raise about $600 billion in revenues over the next ten years.
But the bill doesn`t solve the debt ceiling issue- that debate should resurface in late February along with more potential federal spending cuts.
Customers we spoke with at Uncle Bill`s Pancake and Dinner House at Manchester and 141 in Manchester had mixed feelings on the fiscal cliff bill.
While some had mixed feelings on the legislation, most everyone we spoke with told us that Congress has a lot of work to do to get the country`s fiscal house in order.