Yes , we’ve had mixed reactions here in the Rio Grande valley.
Tuesday night the house approved the fiscal cliff deal. A decision that was long overdue, according to congressman Henry Cuellar
The bill will raise tax rates for individuals who make more than 400 thousand dollars and couples who make more than 450 thousand, from 35% to 39.6%. It will also extend certain tax credits for businesses.
Eli Olivares, owner of McAllen design firm IDEO design, says this will actually help his business.
But, not everyone is happy. Ruben Cavazos, general manager of Ruben’s grocery store in McAllen says the end of the payroll tax holiday will really hurt his employees. The government will now collect two percentage points from their paycheck to fund social security.
Texas attorney general Greg Abbot released the following statement.
The fiscal cliff “deal” will actually increase the deficit by $4 trillion over the next decade. At some point, the spending spree in Washington must end and the longer we wait to address our nation’s debt crisis the more painful the consequences will be. “
And congress will meet again in 60 days to then discuss budget cuts, in different areas such as Medicare and education. Victoria Acosta Rubio, Fox 2 News at 9.