Reporting Kai Jackson
WASHINGTON (WJZ)—The fiscal cliff is averted after a late-night vote in Washington finally brought Congress together for a deal, but it’s a compromise that leaves both sides disappointed.
Kai Jackson explains the work is far from over.
There appears to be more frustration than pats on the back even though the 112th Congress reached a deal avoiding the fiscal cliff.
“I hate this agreement. I hate it with every fiber of my being,” said Sen. Kent Conrad, (D-North Dakota).
Late Tuesday night, the House signed off on a bill that prevents a middle class tax hike and delays automatic spending cuts.
Yet the Committee for a Responsible Federal Budget says Congress missed an opportunity to tackle the ballooning federal debt. Some call it a serious national security issue.
“This problem isn’t going away. They are going to have to keep working at it until they get it,” said Marc Goldwein, Committee for a Responsible Federal Budget.
The bill raises taxes on families making more than $450,000 a year and extends long-term jobless benefits for a year.
“I sell cars for a living. I work for Audi, so I thought maybe that might kinda trickle down and affect our sales, so I was pretty happy to hear that they reached an agreement,” said Daniella Albano, of Eatontown, N.J.
Even though there’s relief that Congress reached a deal, avoiding tax increases for most Americans, there’s frustration that it took this long to get it done.
“How long has it been taking, several months obviously. A very long time. I mean this is something, especially for the president and Congress, that I would assume should probably take about 30 days,” said Peter Iskander, of Eatontown, N.J.
But the law doesn’t include spending cuts or Social Security and Medicare reform, leaving many lawmakers doubtful Congress will ever reach a sweeping budget deal.
The deal brought a stock surge to Wall Street.