UPDATE: Fiscal cliff deal reached - WKOW 27: Madison, WI Breaking News, Weather and Sports

UPDATE: Fiscal cliff deal reached

WASHINGTON (WKOW) -- A Democratic aide says the White House and congressional Republicans have reached an agreement to avert the fiscal cliff.

Vice President Joe Biden was set to sell the agreement to Senate Democrats at a meeting at the Capitol Monday night.

The measure would extend Bush-era tax cuts for family incomes below $450,000 and briefly avert across-the-board spending cuts set to strike the Pentagon and domestic agencies this week.

The Washington Post reports the Senate could approve the plan before the midnight deadline.

However, the House has already adjourned for the night and would not take up the measure until Tuesday.


WASHINGTON (WKOW) -- It appears the country will go over the fiscal cliff.

House Republicans notified lawmakers that the chamber will vote Monday evening on other bills, which will be their only votes of the day.

It's unclear whether the Senate would vote Monday.

Earlier in the day, President Barack Obama said that it looked like an agreement was within sight.

If no agreement is in place by the midnight deadline, wide-ranging tax increases and spending cuts will take effect.


WASHINGTON (WKOW) -- President Barack Obama says it appears that an agreement to avert the looming fiscal cliff ahead of a midnight deadline is "in sight," but says it's not done yet.

On Monday, Obama said this has been a "pressing issue on people's minds," and told an audience of middle-class taxpayers the deal would, among other things, extend unemployment benefits for Americans "who are still out there looking for a job."

He voiced regret that the work of the administration and lawmakers on Capitol Hill won't produce a "grand bargain" on tax-and-spend issues, but said that "with this Congress, it couldn't happen at that time."

Officials familiar with the negotiations say an agreement would raise tax rates on family income over $450,000 a year and increase the estate tax rate.


WASHINGTON (WKOW) -- Democrats and Republicans say signs of progress are emerging in urgent negotiations to avert the looming `fiscal cliff' ahead of a midnight deadline.

A person familiar with the negotiations says Democrats have offered to extend tax cuts for families making up to $450,000 a year and individuals making up to $400,000. President Barack Obama originally wanted the tax cuts to be extended only for families making up to $250,000 a year.

Unless an agreement is reached and approved by Congress by the start of New Year's Day, more than $500 billion in 2013 tax increases will begin to take effect and $109 billion will be carved from defense and domestic programs

The person familiar with the talks requested anonymity in order to discuss the internal negotiations.

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