St Casimirs Mortgage Minute

“Fiscal Cliff” Deal Passes Congress



Last night, a bipartisan plan to avoid federal spending cuts and tax increases passed the House (257 to 167 votes).  This plan passed the Senate previously as is expected to be signed by the President in the near future.  The plan raises income tax rates on households earning more than $450,000 and postpones $110 billion in spending cuts for two months.  If unresolved, the fiscal cliff would have hit Maryland especially hard, given the State’s close proximity to Washington D.C. and the strong role federal contracts and spending has on Maryland’s budget and employment numbers.

--MBA