FISCAL CLIFF DEAL APPROVED BY CONGRESS

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Update 11:15 p.m. - The Senate has approved the deal 89-8.  The House vote, up next, will not occur tonight.

Update January 2, 2013:  The House approved the Senate version Jan. 1 with no changes.  The President later signed the measure into law.

December 31, 2012 (San Diego's East County) -- It's now past midnight in Washington D.C., where Senate leaders in both parties and President Obama have reached a tentative agreement on a deal to avert the worst of the "fiscal cliff" impacts.  Though no vote was taken prior to the midnight year-end deadline, because tomorrow is a federal holiday, the worst of the impacts can yet be avoided if Congress takes action soon.  However the measure is expected to face opposition in the House, which Republicans control.

 

The Senate, which has a Democratic majority, is expected to vote tonight.   The House majority leader has indicated the House will consider the compromise measure if the Senate passes it.  The House would likely take up the matter tomorrow or the next day. 

For details on the "fiscal cliff" deal, see: 

http://www.reuters.com/article/2013/01/01/us-usa-fiscal-idUSBRE8A80WV201...

http://www.bbc.co.uk/news/world-us-canada-20879174

http://thehill.com/blogs/on-the-money/domestic-taxes/275023-tax-portion-...