White House declares victory on fiscal cliff deal

Last Updated: Wed, Jan 02, 2013 07:10 hrs

The White House has issued a 'fact sheet' statement declaring the fiscal cliff agreement a victory.

In the statement, the White House said President Barack Obama has achieved a bipartisan solution that will keep income taxes low for the middle class and grows the economy.

For the first time in 20 years, Congress have acted on a bipartisan basis to vote for significant new revenue, Politico reports.

This means millionaires and billionaires will have to pay high taxes to reduce the deficit through a combination of permanent tax rate increases and reduced tax benefits, the report said.

The White House said it achieved 85 percent of what it wanted on taxes, locking in 620 billion dollars in revenue from wealthier Americans over 10 years.

The statement, entitled "The Tax Agreement: A Victory for Middle-Class Families and the Economy" and issued less than an hour before Vice President Joe Biden was scheduled to meet with House Democrats on the Hill, includes a list of talking points covering everything from capital gains (hiked to 20 percent) to the extension of unemployment benefits and tax credits for renewable energy, the report said.

According to the report, in a section sure to please Democrats but unsettle Republicans, the White House said it planned to continue seeking more tax hikes, tying them to debt reduction. (ANI)

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