The long-debated Fiscal Cliff legislation finally goes to the White House for the president's signature.

WASHINGTON, DC—A day of threats and posturing finally came down to the US House of Representatives passing the Fiscal Cliff bill late Tuesday night in a 257-to-167 vote. The bill now goes to the White House for the President’s signature.

As reported Tuesday, the Senate signed the bill in an 89-to-8 vote, and at the time, House approval was very much a question mark.

According to various news sources, the legislation puts off budget cuts for two months and preserve Bush-era income tax cuts for individuals earning less than $400,000 or couples earning less than $450,000.

And The Wall Street Journal reported that the deal “would also set the estate-tax rate at 40% on estates over $5 million; currently there’s a 35% rate for estates over $5.12 million.

The deal would delay for two months part of the $110 billion in spending cuts that otherwise would have taken place in early January—cuts that would be replaced by tax increases and cuts in other programs.”