Update: Fiscal Cliff deal uncertain in House

(CNN) - GOP House leader Eric Cantor says he doesn't support a Senate deal to avert fiscal cliff; bill's fate in House uncertain. 
 
Rep. Darrell Issa, R-California, says on CNN he's with Eric Cantor: He cannot vote for the fiscal cliff bill in its current form. He wants a bill with spending cuts.
 
If a Senate deal to avert the fiscal cliff becomes law, all but a sliver of the U.S. population will avoid higher tax rates, some key issues will be put off for two months, and all sides in the battle will emerge with a mixed record: winning key points, while ceding ground on others.

The deal, which passed the Democratic-controlled Senate in an overwhelming 89-8 vote in the early hours of Tuesday, would maintain tax cuts for individuals earning less than $400,000 and couples earning less than $450,000. Technically, it would reinstate cuts that expired at midnight.

It would raise tax rates for those over those levels -- marking the first time in two decades the rates jump for the wealthiest Americans.


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