This is TALK OF THE NATION. I'm Neal Conan. This afternoon, House Democrats and Republicans are meeting separately to consider the Senate-approved deal that would avert automatic tax hikes and spending cuts known as the fiscal cliff. Some House Republicans indicate they'd like to amend that bill and send it back to the Senate, which if it doesn't get done tonight could invalidate the negotiated deal. It would then become a problem for the next Congress, which takes office on Thursday. As of now, no vote is scheduled.
Originally published on Tue January 1, 2013 12:39 pm
A compromise deal to stop broad spending cuts and tax increases is headed to the House of Representatives, after receiving strong support in the Senate. Rep. Tom Cole, R-Okla., talks with Steve Inskeep about a possible House vote on the "fiscal cliff" deal.
Cole, the House deputy majority whip who also serves on the Appropriations Committee, says he expects the House to approve the Senate bill, calling it "a pretty big win."
The House of Representatives voted 257-167 late Tuesday to pass a Senate-approved compromise deal that stops large tax increases for 99 percent of Americans, and delays massive spending cuts for two months.
The bill now goes to President Obama, who is expected to sign it into law.
NPR's S.V. Date is reporting on the deal for our Newscast unit. Here's what he says:
"The eventual deal was hammered out by Senate Republican Leader Mitch McConnell and Vice President Joe Biden. It passed the Senate with overwhelming, bipartisan support.
Every year, banks handle tens of millions of transactions. Some of them involve drug money, or deals with companies doing secret business with countries like Iran and Syria, in defiance of trade sanctions.
But if the Justice Department has its way, banks will be forced to change — to spot illegal transactions and blow the whistle before any money changes hands.
Federal prosecutors have already collected more than $4.5 billion from some of the world's biggest financial institutions — banks charged with looking the other way when dirty money passed through their accounts.
Chief Justice John Roberts wants everyone to know the federal judiciary is doing its part to keep down government costs. Roberts used his year-end report on the state of the courts to point out that the judicial branch consumes "a miniscule portion of the federal budget" — about $7 billion in fiscal year 2012, or two-tenths of 1 percent of the total government budget.
The simplest explanation to what's going on in Washington is that neither the Democrats nor the Republicans command majorities in both Houses and control of the White House and you can throw in political realignment as an explanation. Liberal Republicans and conservative Democrats have been diminished to the point of near extinction. But even so, Democrats and Republicans in Congress in years past somehow managed to make deals and legislate despite profound differences.
The Dow Industrials gained 166 points today. That's about 1.3 percent. Before today, the stock market had been steadily drifting lower, losing ground for five straight days. Joining us now to talk about the market is NPR's Jim Zarroli. And, Jim, of course, we don't know how today's talks in Washington will ultimately turn out, but it does appear that before the markets close today news of a deal was moving the markets. True?