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Fiscal Deal in Hands of House

WASHINGTON — The fate of the nation’s financial future now lies with the House.

The Senate-passed bill is now in Republican-controlled territory where it could face more challenge.

Under terms of the legislation, taxes on the middle class will not go up. Individuals earning $400,000 a year or more and households earning $450,000 or more will see their taxes return to Clinton-era levels.

The deal also extends unemployment benefits, but a decision on spending cuts is on hold for two months.

Oregon’s senators are not keeping quiet about the deal.

Senator Merkley issued this statement Tuesday saying, “My measuring stick for this fiscal cliff deal, like every bill I consider, is how it will impact working families throughout Oregon. And while I have deep misgivings about the next steps, I have concluded that this deal is worth supporting.”

Senator Wyden made these remarks: “The manner in which this was produced felt more like Thelma and Louise than rational policy making. I will do everything possible to end the political brinksmanship and work for bipartisan tax, budget and Medicare reforms that create good-paying American jobs and protect the Medicare guarantee while holding down health care costs.”

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