video transcript

Washington's last-minute scramble to step back from a recession-inducing "fiscal cliff" shifted to the Republican-controlled House of Representatives on Tuesday after the Senate approved a bipartisan deal to avoid steep tax hikes and spending cuts. Deborah Lutterbeck reports. That's about all U.S. lawmakers are saying about an early morning Senate-passed deal to avert the so called fiscal cliff. NOW It's the Republican-controlled House of Representatives turn. Questions remain whether the Republican-controlled House will accept the bill that raises taxes on the wealthy and does little to address spending. Republican Virginia Representative Scott Rigell: (SOUNDBITE) (English) VIRGINIA REPRESENTATIVE SCOTT RIGELL SAYING: "It fails to address the mortal threat facing our country, uncontrolled spending. It fails to reflect the balanced approach that was advocated by our President so we find ourselves again with a bill that reflects not financial wisdom but the seductive spirit that pervades this town." If Congress fails to act -- the automatic $503 billion in tax hikes and federal spending cuts could begin to take effect with a potentially devastating impact on the U.S. economy.