The fiscal-cliff deal is now in the hands of the House, which convenes New Year's Day to consider a budget agreement that would boost income-tax rates for the first time in 20 years—but only for those with the highest incomes—maintain unemployment benefits, and limit the spending cuts that were looming as part of the cliff.

The Senate cleared the package 89-8 more than two hours into the New Year on Tuesday after President Barack Obama and Senate leaders finalized its contents.