The White House has reached an agreement with Senate Republican leaders on a deal prevent the “fiscal cliff,” CBS News has learned.
A deal on Capitol Hill to avert the so-called fiscal cliff was proving elusive Sunday, as a deadline to avert tax hikes on virtually every American worker and block sweeping spending cuts set to strike the Pentagon and other federal agencies grew perilously near.
President Barack Obama was to return to Washington on Thursday after cutting short his Christmas vacation in Hawaii. The Senate will be in session. But so far the House of Representatives has no plans to meet.
Even as the country barrels toward the fiscal cliff, there was much confusion about what exactly lies ahead – both for regular people and the country as a whole.
The $40.1 billion budget attempts to tackle the state’s deficit with a combination of cuts, labor savings and wide-ranging tax hikes.