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In-depth look at bill to avert 'fiscal cliff'

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    What's really inside the deal?

  • Duration 2:28
  • Date

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Here is we've heard both Mike and Ed tonight on this legislation.

And some of the sticking points here.

Now White House correspondent Wendell Goler takes a far more in depth look at the details in the bill that passed the senate early this morning.

And is now being considered in the house.

Bill as amended is passed.

The senate deal passed little overwhelming bipartisan support extending the bush era tax cuts for families making less than 450000.

Dollars a year.

And making the lower rates permanent conflict former President Bush was unable to do what decade.

Because he wasn't able to get two thirds of the senate to go along.

That's -- most Republicans are happy with it it makes some things permanent particularly in the estate tax area.

It is permanent fix to the AMT.

So there are some factual things we do like about it the deal saves thirty million people from having to pay the Alternative Minimum Tax by indexing it to inflation.

It raises the death tax 5% but exempts the first five million dollars for individual states and ten million dollars for families states like farms.

But the payroll tax will go back to six point 2% and increase which will cost the worker making a 100000 dollars a year about 2000 dollars more.

On the spending side the deal extends long term unemployment benefits for another year Democrats had insisted on.

This critical.

Want to talk about the real -- -- for the people who are about to lose their unemployment compensation.

If that's not in the deal that deal is a real problem.

There's a five year extension of stimulus tax credits for things like alternative energy conversion.

And another year in which businesses can take a 50% bonus depreciation on new equipment and buildings.

The deal puts off cuts in doctors' Medicare payments for another here and formally cancels an assisted living entitlement in obamacare.

That the administration had decided was on -- portable anyway.

The catchall measure even extends a dairy subsidy to keep milk prices from spiking.

But the lack of a presidential agreement to cut spending means even at the senate measure passes the house.

Mr.

Obama can expect added pressure in a matter of weeks -- the nation's debt ceiling must be raised again.

We made mistakes can increase the deadline but first then -- it go among about a little twist we shouldn't make strange statement.

The president -- congress shouldn't do that because it holds the nation's credit rating hostage to partisan demands for spending cuts.

But some Republicans say that's the only way the cuts will ever happen.

-- Wendell thank you.

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