The Note's Must-Reads for Wednesday, January 2, 2013

The Note's Must-Reads are a round-up of today's political headlines and stories from ABC News and the top U.S. newspapers. Posted Monday through Friday right here at www.abcnews.com

Compiled by ABC News' Jayce Henderson and Jordan Mazza

FISCAL CLIFF: ABC News' Devin Dwyer, John Parkinson, and Sunlen Miller: " 'Fiscal Cliff': Congress Approves Compromise Aimed at Averting Recession" The House of Representatives has approved a bipartisan Senate deal to avert the "fiscal cliff" and preserve Bush-era tax cuts for all Americans making less than $400,000 per year. LINK

The New York Times' Jennifer Steinhauer: " Amid Pressure, House Passes Fiscal Deal" Ending a climactic fiscal showdown in the final hours of the 112th Congress, the House late Tuesday passed and sent to President Obama legislation to avert big income tax increases on most Americans and prevent large cuts in spending for the Pentagon and other government programs. LINK

The Washington Post's Ezra Klein: " The lessons of the fiscal cliff" There is a narrative in American politics that goes something like this: The White House can't negotiate. House Republicans can't be reasoned with. And so the country is caught between pragmatists who can't hold their ground and radicals who can't compromise. LINK

Bloomberg's Richard Rubin, Roxana Tiron and James Rowley: " Bipartisan House Backs Tax Deal Vote as Next Fight Looms" The U.S. House passed a bill undoing income tax increases for more than 99 percent of households, giving a victory to President Barack Obama even as Republicans vowed to fight him in coming weeks for spending cuts in exchange for raising the debt ceiling. LINK

The Hill's Russell Berman and Pete Kasperowicz: " House approves 'fiscal cliff' deal; bill headed to Obama's desk" The House late Tuesday night voted to approve a sweeping tax deal to prevent the most significant effects of the "fiscal cliff," overcoming Republican resistance to raising income tax rates on the wealthiest earners. The 257-167 vote culminated a day of high drama in the Capitol, as Republican leaders considered and then quickly abandoned a plan to attach steep spending cuts to a measure passed overwhelmingly by the Senate early Tuesday morning. LINK

The Los Angeles Times' Lisa Mascaro and Kathleen Hennessey: " 'Fiscal cliff' plan clears House with GOP divided" The House voted Tuesday to roll back income tax increases on the vast majority of Americans, finalizing a deal on the so-called fiscal cliff after weeks of gridlock. The approval, in a session that stretched late into the New Year's holiday, came after hours of closed-door debate among Republicans, with conservatives threatening to derail a bill that had overwhelmingly passed the Senate in the early hours of the morning. LINK

New York Daily News' Dan Friedman: " It's Official! House approves fiscal cliff bill giving President Obama's administration a major victory" In a New Year's Day of intense legislative drama, the hopelessly divided 112th Congress finally came together to pass a partial fiscal-cliff fix. Late on Tuesday night, after the Senate began 2013 by acting to pave the way for a compromise, the House voted, 257 to 167, to increase tax rates on the wealthy and spare the middle class a significantly harder hit from the Taxman. LINK

The Washington Times' David Sherfinski: " House GOP doesn't flinch from the fight" House Republicans faced blistering criticism from all sides Tuesday as they once again threatened to scuttle a bipartisan package blessed by the White House and Senate Republicans - but they remained undaunted, and many even said they relished the fight even as the deal ultimately headed toward passage. "I know the president won his election, but I also won my election," said Rep. Spencer Bachus, Alabama Republican. LINK

USA Today's Susan Davis and David Jackson: " Divided GOP House approves Senate 'fiscal cliff' plan" House Republicans faced blistering criticism from all sides Tuesday as they once again threatened to scuttle a bipartisan package blessed by the White House and Senate Republicans - but they remained undaunted, and many even said they relished the fight even as the deal ultimately headed toward passage. "I know the president won his election, but I also won my election," said Rep. Spencer Bachus, Alabama Republican. LINK

The Wall Street Journal's Colleen McCain Nelson: " Lack of Grand Bargain Complicates Obama's Priorities" For President Barack Obama, the new year was supposed to bring an end to fiscal-cliff negotiations and the opportunity to begin work on a second-term agenda.But the failure to craft a grand bargain to address the country's fiscal woes means that contentious discussions about spending cuts and the debt ceiling will continue in 2013-potentially diminishing the time and goodwill Mr. Obama needs to pursue his policy priorities. LINK

Politico's Joseph J. Schatz and Patrick Reis: " Enjoy the fiscal cliff debate? Just wait for the debt ceiling" The fiscal cliff has consumed Washington for months, but it may end up being the long opening act for a fiscal drama with even higher stakes: the debt ceiling. LINK

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Source: http://news.yahoo.com/notes-must-reads-wednesday-january-2-2013-081715770--abc-news-politics.html

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