Fiscal cliff: Top 5 things you should know

(WEAU) - After the U.S. passed the deadline by 24 hours, the house has passed a bill that avoids tax increases on the majority of Americans. But there's more to this bill than meets the eye.

It’s a debate that everyone is probably tired of by now and that's being on the edge of that fiscal cliff.

Yet, Congress has finally spoken, with a vote of 257 to 167.

"It was an imperfect solution to an imperfect process," said Democrat Ron Kind of Wisconsin's 3rd Congressional District.

But who won?

"We failed to meet our obligations for the first time in our nation’s history,” said Kind.

At #1 in our top five things to know on the fiscal cliff, technically no side won. Republicans accepted higher taxes on the wealthy, while Democrats accepted a higher amount of income to be taxed

Senator Ron Johnson says he voted yes to the bill, but still disagrees with President Obama.

"It’s going to harm economic growth. It’s going to cost jobs, but I couldn't prevent that from happening because President Obama was determined," said Republican Ron Johnson, Wisconsin State Senator.

At #2, the majority of house republicans opposed the bill like Representative Sean Duffy.

"There’s no spending reform. There's an extension of unemployment that’s not paid for, that's 30 billion dollars of new spending,” said Republican Sean Duffy, U.S Representative of Wisconsin’s 7th Congressional District.

Coming in #3, what is the definition of rich in America? Taxes increased on only 2% of Americans, who are the wealthy.

Meanwhile at #4, there will be more cliffs to climb like reaching an agreement on the debt ceiling.

"We’re not going to avoid it until President Obama begins negotiating good faith and gets serious on reducing our deficit and stabilizing our debt," said Johnson.

"We have to go to the two largest spending categories which are raising health care costs, and defense spending," said Kind.

Finally at #5 your paycheck will more than likely shrink because the deal allowed the payroll tax cut to expire.

"Now it’s time to come together and talk about the spending reform and if he does you’re going to see a more harmonious relationship with the House of Representatives and the Senate," said Duffy.

While Congress is seeing new members join the Senate and the House, our political analyst John Frank says the next vote on the debt ceiling is crucial.

He says House Republicans are unlikely to approve the extension without serious spending cuts from the Democrats and it may end up in another standoff.

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