Washington ( CNN ) -- The House of Representatives voted Tuesday night to approve a Senate bill to avert a feared fiscal cliff . The measure that sought to maintain tax cuts for most Americans but increase rates on the wealthy passed the Democratic-led Senate overwhelmingly early in the day . There was discussion about amending the Senate bill by adding spending cuts , but in the end , House lawmakers voted on the bill as written -- a so-called up or down vote . Get the latest updates from CNN 's political team . The legislation would raise roughly $ 600 billion in new revenues over 10 years , according to various estimates . `` I 'd say let 's take the Senate deal , fight another day , '' Rep. Tom Cole , R-Oklahoma , told CNN before the House vote . He predicted the House would pass the bill with a `` pretty strong bipartisan majority . '' `` I 'm a very reluctant yes , '' said Rep. Nan Hayworth , an outgoing Republican representative from New York . `` This is the best we can do given the Senate and the White House sentiment at this point in time , and it is at least a partial victory for the American people , '' she said . `` I 'll take that at this point . '' The timing of the vote was crucial , as a new Congress is set to be sworn in Thursday . The legislation averted much of the fiscal cliff 's negative near-term economic impact by extending the Bush-era tax cuts for the majority of Americans . It also extends long-term unemployment benefits that were set to expire . Had the House not acted , and the tax cuts enacted last decade expired fully , broad tax increases would have kicked in , as would $ 110 billion in automatic cuts to domestic and military spending . Read more : 5 things to know about the fiscal cliff . Dana Ford and Josh Levs reported from Atlanta ; Dana Bash reported from Washington . CNN 's Ed Payne , Matt Smith , Mike Pearson , Jessica Yellin , Deirdre Walsh , Lisa Desjardins , Ted Barrett and Ashley Killough contributed to this report .
NEW : Senate approves the deal night late Tuesday . The vote was an up-or-down vote on the Senate compromise . Lawmakers were under a tight deadline ; A new House is set to be sworn in Tuesday .