“The U.S. stock market soared this morning as investors welcomed the last-minute Congressional approval of a bill to avoid sending the federal government over the fiscal cliff.
Shortly before midnight on New Year’s Day, the House of Representatives approved emergency bipartisan legislation that freezes the federal income tax for 98 percent of Americans and 97 percent of small business owners.
The bill was approved by a 257-to-167 vote, as enough Republicans joined their Democratic colleagues to affirm the compromise bill, which was previously approved by the U.S. Senate after a deal was brokered by Vice President Joe Biden with Senate Majority Leader Mitch McConnell (R-Kentucky).”
~Steve Jagler, executive editor of BizTimes Milwaukee.
Read Wednesday’s Milwaukee Biz Blog by Steve Jagler: Wall Street rallies as fiscal cliff is averted.
