Congress

The nonpartisan scorekeeper for Congress says the legislation passed earlier this week to avert the "fiscal cliff" could still leave in place deficits averaging more than $900 billion a year over the coming decade if Congress fails to follow its tax increases up with spending cuts.

The governors of New Jersey and New York say Friday's vote by the U.S House to approve more than $9 billion in assistance for victims of Superstorm Sandy is a good start.

Most Jersey residents are happy we didn't go over the 'fiscal cliff' this week. But many are not exactly thrilled with the deal that was worked out, especially in the business community.

The House and Senate ushered in a new Congress Thursday, re-electing embattled Republican John Boehner speaker and hailing one of their own who returned a year after being felled by a stroke.

House Speaker John Boehner has assured lawmakers that the house will vote on $60 billion in aid related to Superstorm Sandy by January 15th. New Jersey mayors say any delay will be costly.

Late yesterday afternoon, members of the New Jersey and New York congressional delegation announced that Republican House Speaker John Boehner has scheduled a vote on a $9 billion flood insurance bill tomorrow and vote on a $51 billion Sandy Relief package January 15th.

The stock market showed its relief over resolution of the fiscal cliff crisis in a big way on Wednesday.

Moody's Investors Service says Congress must go beyond its deal this week and come up with a plan to shrink the budget deficit if it wants to keep the U.S. government's top credit rating.

The House has voted for a $633 billion defense bill for next year despite Pentagon complaints that it spares outdated but politically popular weapons at the expense of the military's ability to fight.

New Jersey and New York are still waiting to see if Congress will approve the President Barack Obama's $60.4 billion funding request to pay for recovery and rebuilding after super-storm Sandy.