By Russell Berman - 10/01/12 04:16 PM EDT
Economists have said the combination of tax increases and automatic spending cuts could send the U.S. back into recession in 2013 if they take effect.
Obama wants to extend current tax rates for the middle class but has vowed to veto any legislation that extends rates for top earners.
“The House has taken bipartisan action to prevent our economy from going over the fiscal cliff. We have passed legislation to ensure taxes aren’t raised on any American while also protecting our national security in a turbulent world,” said House Majority Whip Kevin McCarthy (R-Calif.), the third-ranking Republican. “However, we cannot avert another economic downturn unless the President and Senate Democrats stop their political posturing and work together with us.”