U.S. senators Lamar Alexander and Bob Corker voted in favor of a “fiscal cliff” deal early Tuesday morning that would allow tax rates to rise only for wealthy Americans while temporarily suspending sweeping federal spending cuts.

The deal was approved 89-8 in the U.S. Senate but still has to be passed by the House. Approval there is not guaranteed.

The agreement would raise tax rates for individuals who earn more than $400,000 and couples with incomes of more than $450,000. It would also extend unemployment insurance for another year and temporarily delay $110 billion in across-the-board spending cuts to military and domestic programs.

Alexander, a Tennessee Republican, released a statement after the 1:39 a.m. vote early Tuesday, New Year’s Day. The vote could help the nation avert the so-called “fiscal cliff,” a package of automatic across-the-board spending cuts and tax increases scheduled to start going into effect this month.

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