Congressman John Tierney released the following statement after voting late last night to pass the Senate Fiscal Cliff agreement that will now go to President Obama to sign into law.
"President Obama and the Senate came to an agreement on a deal to prevent the country from going over the fiscal cliff. It was the only bill brought to the House floor for a vote and it is imperfect. However, this legislation is a first step and it will ensure that millions of middle-class Americans and small businesses will not have the largest tax increase in the history of our country. Meanwhile, millionaires and billionaires will pay their fair share to reduce the deficit through a combination of permanent tax rate increases and reduced benefits.
This legislation provides greater economic certainty for families and businesses and will help our economy grow. It extends key tax credits including the Child Tax Credit, Earned Income Tax Credit and the American Opportunity Tax Credit, which helps families pay for college. It also extends tax credits for businesses such as renewable energy incentives and includes dairy policies to prevent a spike in milk prices. For seniors on Medicare, it ensures they can continue to receive care from their doctors and it assists those individuals who are most in need by extending unemployment insurance for one year. This bi-partisan agreement stopped the country from truly going over the cliff and allows us to continue to invest in education, clean energy and manufacturing that creates jobs and strengthens the middle class as we address our ongoing fiscal challenges," Congressman John Tierney said.