House Votes in Favor of Bipartisan Compromise

Jan. 2 (Bloomberg) -- The U.S. House of Representatives passed a bill undoing income tax increases for more than 99 percent of households as Republicans abandoned efforts to add spending cuts. The bill delays automatic budget cuts for two months. The 257-167 vote just after 11 p.m. last night capped a tension-filled day as Republicans balked at the bipartisan Senate measure. Bloomberg Television's Peter Cook reports from Washington. (Source: Bloomberg)