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Fiscal Cliff Avoided Obama Strikes a Deal

The Washington Post is reporting that President Obama and Senate Republicans have reached a deal. Looks like we won't be going over the fiscal cliff after all.

According to the Washington Post, the deal was made late Monday. Said the Post, "Vice President Biden arrived at the Capitol just after 9 p.m. to explain the details of the pact he negotiated with Senate Minority Leader Mitch McConnell (R-Ky.). A Senate vote on the package could be held by 10:30 p.m., beating a midnight deadline, Democratic aides said. The Republican-controlled House will begin considering the bill on Tuesday, with a final vote expected in the next day or two. The agreement emerged after White House officials gave in on the last contested issue, yielding to GOP wishes on how to handle estate taxes, aides said."

Up until this breaking news, President Obama maintained that a deal was “within sight” but most thought congress would be unsuccessful. Adding to the certainty that we'd get no deal was that the House Republican leaders had announced that they would hold no votes on Monday night so most believed the nation would go over the fiscal cliff.

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The story broke a little after 9:30 Eastern time with Vice President Biden emerging with a smile. More on this as the story unfolds.