Legislation to avert the fiscal cliff has passed both chambers of Congress. The Senate passed it in the first few hours of 2013 and the House approved it shortly before midnight Tuesday. President Obama will soon sign it into law.
In short, the bill lets a variety of taxes increase for affluent Americans, averts most middle class tax hikes and leaves entitlement programs untouched. Here’s a rundown of the details, according to a White House summary.