U.S. Senate Passes $858 Billion Tax-Cut Plan
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The U.S. Senate passed an $858 billion tax-cut plan, giving bipartisan endorsement to an agreement crafted by President Barack Obama and Republicans that extends Bush-era reductions for all income levels.
The 81-19 vote sends the bill to the House, where it will come to the floor tomorrow. The House will vote first on an alternative with a higher estate-tax rate favored by many Democrats. If that measure fails, the House would vote on whether to forward the Senate bill to Obama for his signature.