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.

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