It now goes to the House of Representatives, which could hold a vote on the measure later New Year’s Day. US President Barack Obama in a statement urged the House to “pass it without delay.”
But the measure did little to rein in annual budget deficits that have helped push the US debt to $16.4 trillion.
However, with the New Year’s Day holiday, there was no real world impact and members were thankful that financial markets were closed, giving them a second chance to return to try to head off the fiscal cliff.
“If we do nothing the threat of a recession is very real. Passing this agreement does not mean negotiations halt far from it. We can all agree there is more work to be done “ majority leader Harry Reid, a Democrat, told the Senate.
AFP and Reuters