National News Alert

White House, Senate leaders reach deal on taxes, delaying 'sequester' cuts

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 Minority Leader Mitch McConnell, and a Senate vote on the package could be held by 10:30 p.m. ET, 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 tomorrow, with a vote on final passage in the next day or two.

Read more at:
http://www.washingtonpost.com/business/fiscal-cliff/biden-mcconnell-continue-cliff-talks-as-clock-winds-down/2012/12/31/66c044e2-534d-11e2-8b9e-dd8773594efc_story.html

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President Obama to speak about 'fiscal cliff' at 1:30 ET as negotiators edge closer to deal

Monday, December 31, 2012 1:06:22 PM

National News Alert

President Obama to speak about 'fiscal cliff' at 1:30 ET as negotiators edge closer to deal

President Obama will deliver remarks on the 'fiscal cliff' talks Monday at 1:30 p.m. E.T., as negotiators for the administration and Senate Minority Leader Mitch McConnell (R-Ky.) appeared to have nailed down many of the most critical tax issues, including a plan to let taxes rise on income over $450,000 a year for couples and $400,000 a year for individuals, according to people in both parties familiar with the talks.

Watch Obama's remarks live here at 1:30 ET.

Read more at:
http://www.washingtonpost.com/business/fiscal-cliff/biden-mcconnell-continue-cliff-talks-as-clock-winds-down/2012/12/31/66c044e2-534d-11e2-8b9e-dd8773594efc_story.html