(Update: The House passed H.R. 8 by a vote of 257-167 late on January 1.)

The Senate passed “fiscal cliff” legislation today (New Year’s Day – January 1, 2013), sending it to the House. Will the House approve or disapprove H.R. 8, the American Taxpayer Relief Act of 2012?

There are stirrings against the bill among Republicans, who don’t like that it does not cut spending. What does it do, anyway? In brief, here’s what:

The bill increases federal spending by a little over $330 billion over the next ten years, and it lowers revenues by about $3.6 trillion. That means a higher national debt.

Boiled down to numbers that relate to you and your family, the bill “saves” about $26,300 per U.S. family (through tax reductions). The tax cuts and spending increases result in an increase to the national debt of almost $32,000 per U.S. family, pushing the national debt to nearly $200,000 per family.

It’s up to the House, which really means it’s up to you.