By Stefanie Bainum
CHARLESTON, S.C. (WCIV) -- The drama over the fiscal cliff is over for now as lawmakers reached a deal late Tuesday evening.
The U.S. House followed the Senate and passed legislation that would have hit most Americans on New Year's Day despite objections from many Republicans who wanted more spending cuts.
Reps. Clyburn and Scott both released statements overnight.
Scott said in his statement,"We cannot allow Washington's out of control spending to continue. And that is what this deal does. For every dollar in spending cuts, there are $41 in tax hikes. The can continues to be kicked down the road -- a road that leads to our children's and grandchildren's future."
Scott adds, "The bottom line here is we must start making tough, responsible decisions for our nation's future. This deal doesn't do that, and that's why I do not support it."
On the other side of the aisle, Clyburn said in his fiscal cliff statement,"Throughout the entirety of the 112th Congress, the Republican Leadership repeatedly put its own narrow political interests ahead of the public interest."
"While this bill is not perfect, and I have serious concerns about some of the cuts it contains, it does contain the element of fairness. This bill protects the middle class and working people with a more progressive tax code than we've had in a very long time. And this bill prevents the meat axe approach of budget cuts that could do severe damage to our national defense and important domestic priorities."
Meanwhile, the stock market surged on news of the deal. The Dow jumped more than 300 points on Wednesday.
"The one thing that I think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship, not scare the heck out of folks quite as much," Pres. Barack Obama said Tuesday night.
However, the drama over the country's economic future is not over. Lawmakers set up two new deadlines for themselves because they put off dealing with the automatic spending cuts and the debt ceiling.
One major factor not addressed in the agreement is the now-expired payroll tax holiday. That means paycheck for Americans will be smaller this year. For the average person earning $50,000 per year, an additional $83 will be taken out per month.
The payroll tax funds Social Security. According to CNN, the lower rate was costing the government $120 billion in tax revenue each year.
Here is a breakdown of how local leaders up in Washington voted on the fiscal cliff bill.
In the U.S. House of Representatives:
Tim Scott ( R ) – No
Joe Wilson ( R ) – No
Jeff Duncan ( R ) – No
Trey Gowdy ( R ) – No
Mick Mulvaney ( R ) – No
James Clyburn ( D ) – Yes
On Monday, this is how South Carolina's senators voted:
Lindsey Graham ( R ) – Yes
Jim DeMint ( R ) – Did not vote
The 113th Congress will be sworn in on Thursday.