Watch my speech on this legislation

First, we will vote to replace the arbitrary cuts to our military contained in the defense sequester with common-sense spending cuts and reforms.  In addition to ensuring our enemies aren’t emboldened by the cuts, this package reduces the deficit by an additional $242 billion over the original sequester.

Second, we will vote to preserve the current tax rates for 99.81 percent of Americans.  In addition to preventing income tax hikes on those making under $1 million per year, this package will permanently extend:

• expensing relief for small businesses;

• Death Tax relief for family farmers and small businesses;

• the $1,000 Child Tax Credit;

• Marriage Tax penalty relief;

• education and other family tax relief;

• middle class protection from the Alternative Minimum Tax;

• capital gains and dividend tax rates for everyone making less than $1 million; and

• repeal of the personal exemption phase-out (PEP) and Pease limitation.

According to the bipartisan Joint Committee on Taxation, this prevents $3.9 trillion in tax increases from taking effect on January 1.

Click to see my interview on CNBC

While tax revenues are currently depressed due to the poor economy, preventing these tax increases will help prevent a double-dip economic recession.  In fact, the President’s own Council of Economic Advisors (see pages 411-413) found in 2012 that the 2001 and 2003 tax cuts (also known as the “Bush tax cuts”) increased revenue.  It would make more sense to extend the current tax rates for all Americans - as the House voted to do in August - but the political reality will not allow us to do that.

I am supporting these two packages because this opens the process and gives all 535 members of Congress the ability to participate.  We are better served when debates such as this one are decentralized rather than relying solely on centralized, closed-door discussions.

I hope the Senate will take up this legislation and either pass or amend it with their own plan.  The legislative process can work in solving this problem and it is up to the American people to keep pressure on the Senate to act.

This package is supported by the U.S. Chamber of Commerce, the National Federation of Independent Business, and Americans for Tax Reform, among others.

Click here for a timeline of the fiscal cliff and the negotiations.

Some liberal and conservative groups are critical of this step and would allow taxes to go up because this is not their perfect package.  November’s election, which confirmed a divided government, took the perfect deal out of reach for either side.

This threat has been looming for more than a year.  It is no surprise yet Washington delay tactics have brought us to this precipice.  In the House we have worked repeatedly to find bipartisan solutions to fix the problem only to be met by unserious proposals from President Obama and his allies in Congress.

We need Congress to quit settling for field goals and start going for touchdowns.  While this package is not perfect, it makes tax relief permanent for 99.81 percent of Americans and gives small businesses the certainty they need to plan for years to come.  By that measure I consider it a touchdown.