Obama achieved a major legislative victory on, January 1 2013 when the, Republican-controlled House of Representatives. Approved a bipartisan agreement on tax increases and spending cuts in an, effort to avoid the looming fiscal cliff crisis. (the Senate voted in favor of the bill earlier that day). The agreement marked a productive first step toward the president s. ' Re-election promise of reducing the federal deficit by raising taxes on the extremely wealthy - individuals earning more than. $400 000 per, year and couples earning more than, $450 000 according to, the bill. Prior to the bill 's passage in late 2012 tense,,, Negotiations between Republicans and Democrats over spending cuts and tax increases became a bitter political battle until. Vice President Joe Biden managed to hammer out a deal with Republican Senate Minority Leader Mitch McConnell. Obama pledged. To sign the bill into law.
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