The U.S. Congress has approved an unusual tax increase for the wealthiest households in the U.S., thereby confirming a bipartisan agreement that will prevent the world’s largest economy from plunging into a deep crisis and recession.
With 257 votes in favor and 167 against, the House of Representatives, where Republicans hold the majority, confirmed the bill through which President Barack Obama reaffirmed his campaign promise to raise taxes on those who earn the most.
The agreement still needs to be signed by President Obama to become law, and he is expected to do so very soon.
The most significant factor of the reached agreement is the increase in the tax rate for households earning more than $450,000 annually from 35 to 39.6 percent, while any cuts to budget expenditures are postponed for two months.
