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Fiscal Cliff Averted ... for Now

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January 2, 2013

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Fiscal Cliff Averted ... for Now

On January 1, the House passed on a 257-167 vote the American Taxpayer Relief Act of 2012 (H.R.8). The legislation affirms the Senate’s approval (89-8) of the fiscal cliff deal which came earlier in the day. However, the legislation only temporarily shelves the across-the-board sequester budget cuts until March 1.

The sequestration cuts which threaten Perkins and all other education, discretionary domestic and defense program funds will have to be readdressed when the temporary fix ends at the end of February. Congress is expected to then return to the negotiating table to find a permanent solution and address the debt ceiling.

The bill includes a one-year extension of benefits for the long-term unemployed and permanently avoids tax increases for income, capital gains and dividends for individuals with annual incomes below $400,000. It also preserves current tax rates and exemptions for a number of other programs, including extension of several education initiatives such as a temporary extension of the deduction for certain expenses of elementary and secondary school teachers.

ACTE is planning to visit many Members of Congress early this year as the new Congress convenes and will continue to be actively engaged in advocating that the across-the-board sequester cuts to CTE and other education programs be permanently resolved. Stay tuned for additional information on how you can help!

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