Senate Democrats are announcing the fiscal cliff has been averted for 2 months, with a last minute agreement in principle with Republicans to extend Bush-era tax levels for individuals under $400,00 and families under $450,000, and to postpone any spending cuts.
The agreement would still need to be passed and approved retroactively by both the House and the Senate.
See you in 2 months for Fiscal Cliff 2.0, next time combined with a debt ceiling crisis.
From the AP:
A Democratic aide says the White House and congressional Republicans have reached an agreement to avert the so-called fiscal cliff.
The measure would extend Bush-era tax cuts for family incomes below $450,000 and briefly avert across-the-board spending cuts set to strike the Pentagon and domestic agencies this week.
Vice President Joe Biden was set to sell the agreement to Senate Democrats at a meeting at the Capitol on Monday night.
The aide required anonymity because he wasn’t authorized to speak publicly.