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January 2, 2013
Deal to avert fiscal cliff keeps lower tax rate for wealthy, endangers social programs
Though lawmakers missed their self-imposed New Year’s Eve deadline, both chambers of Congress passed a bill this week to address the tax side of the so-called fiscal cliff. The legislation raises taxes on families making more than $450,000 a year, and delays planned cuts to the military and domestic budgets for two months, among other provisions. But some progressive lawmakers and economists say the deal demands too little from the nation’s wealthiest, and puts programs for the poor, the sick and the elderly at risk in future negotiations. On Capitol Hill, FSRN’s Alice Ollstein has more.