Fiscal Cliff Can Kicked 2 Months Down the Road, All Spending Cuts Postponed

kick the canSenate 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. 

 

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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.