On his way out of a House Republican Conference meeting, Rep. Spencer Bachus (R-AL) said the bipartisan “fiscal cliff” compromise will “go back to the Senate,” the National Review’s Robert Costa reports. If true, this would mean the House will not agree with the compromise negotiated Monday by Vice President Joe Biden and Senate Minority Leader Mitch McConnell (R-KY).
Breaking: Leaving mtg, Rep. Spencer Bachus says deal will "go back to the Senate."
— Robert Costa (@costareports) January 1, 2013
A just-released analysis by the Congressional Budget Office estimates that the bill would increase the nation’s budget deficit by nearly $4 trillion over the next ten years (as compared to allowing the tax cuts to expire and deep spending cuts to take effect).
Update:
With House Republican Leader Eric Cantor (R-VA) and other members of his caucus opposing the bipartisan Senate deal, House Republicans are reportedly working to craft an amendment a majority would support. Senate Majority Leader Harry Reid (D-NV) has vowed to block any further changes to the bill.