‘Fiscal cliff’ deal reached

President Obama and Senate Republicans reached a sweeping deal late Monday that would let income taxes rise significantly for the first time in more than 20 years, fulfilling Obama’s promise to raise taxes on the rich and averting the worst effects of the “fiscal cliff.”

According to Democratic aides, Vice President Biden is on his way to the Capitol to explain the details of the pact he negotiated with Senate Minority Leader Mitch McConnell, and  a vote on the package could be held by 10:30 p.m., beating a midnight deadline. White House officials gave in on the last issue, how to handle estate taxes, yielding to GOP wishes, aides said. The House will begin considering the bill Tuesday, with final passage possible in the next day or two.

Read the whole story here.

Paul Kane covers Congress and politics for the Washington Post.

politics

post-politics

Success! Check your inbox for details. You might also like:

Please enter a valid email address

See all newsletters

Comments
Show Comments
Most Read Politics

politics

post-politics

Success! Check your inbox for details.

See all newsletters

Next Story
Felicia Sonmez · December 31, 2012

To keep reading, please enter your email address.

You’ll also receive from The Washington Post:
  • A free 6-week digital subscription
  • Our daily newsletter in your inbox

Please enter a valid email address

I have read and agree to the Terms of Service and Privacy Policy.

Please indicate agreement.

Thank you.

Check your inbox. We’ve sent an email explaining how to set up an account and activate your free digital subscription.