Friday, December 17, 2010

#Flash* Obama $858 bln tax bill clears test vote in House

WASHINGTON: An $858 billion tax cut package brokered between President Barack Obama and Republicans cleared a key test vote in the U.S. House of Representatives on Thursday, Dec 16 after hours of delays.

By a vote of 214-to-201, the measure won the majority needed to clear a procedural hurdle needed for passage. The legislation would extend for two years the Bush-era tax cuts that are due to expire on Jan. 1.

The Senate overwhelmingly approved the bill on Wednesday. A vote on a Democratic bid to alter the measure by boosting the estate tax, and a vote on final passage, are expected within hours. - Reuters

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