Over The "Cliff" We Go The House Of Representatives Will NOT Vote ...

Update #2 6:00 AM Jan 1st 2013

A full two hours after a midnight deadline, the Senate overwhelmingly passed a deal Tuesday to avert the feared fiscal cliff on an 89-8 vote.

The Senate package would put off budget cuts for two months and preserve Bush-era income tax cuts for individuals earning less than $400,000 or couples earning less than $450,000.

It would prevent middle-class taxes from going up but would raise rates on higher incomes. It would also block spending cuts for two months, extend unemployment benefits for the long-term jobless, prevent a 27 percent cut in fees for doctors who treat Medicare patients and prevent a spike in milk prices.

The measure also allocates a minor $24 billion in spending cuts and new revenues to defer, for two months, some $109 billion worth of automatic spending cuts that were set to slap the Pentagon and domestic programs starting this week.

The measure ensures that lawmakers will have to revisit difficult budget questions in just a few weeks, as relief from painful spending cuts expires and the government requires an increase in its borrowing cap.

The measure now goes to the House where it faces an uncertain future in the Republican-controlled body.

A vote could come as early as New Year’s Day. The House is scheduled to convene at noon.

President Obama praised the agreement after the Senate’s vote.

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Update: 9:45 PM Dec 31st

The White House and Senate Republicans reached an agreement late Monday to avert the imminent fiscal cliff of wide-reaching tax hikes and deep spending cuts, with the plan now facing votes as the new year dawns.

The agreement would raise taxes on wealthy Americans, extend unemployment benefits, and delay across-the-board spending cuts — but would let a 2% payroll-tax cut lapse and do nothing to address the U.S. borrowing limit.

The House of Representatives, meanwhile, has adjourned for the day, meaning that the economy will at least temporarily go over the cliff.

The House was due back at noon Eastern time on Tuesday for a rare New Year’s Day session.

The Lawmakers all just recieved a raise from a executive order, so they worked overtime on a solution to this problem.  Obama-Just-Issued-Executive-Order-To-Give-Federal-Employees-Pay-Raises Just Days After Christmas!

President Barack Obama said earlier on Monday that a deal to avoid the fiscal cliff was “in sight,” but it was not done yet.

The  news has just been reported that the House of Representatives will not vote tonight on any potential deal to avert the fiscal cliff, according to CBS News, and the nation will go over fiscal cliff at midnight.

According to CBS News, negotiators had settled their differences on tax cuts and estate taxes.

Accoding to the network, it is reporting the deal that is being discussed would raise tax rates on households making more than $450,000 a year and individuals making more than $400,000 annually.

Supposedly an agreement had also been reached on the estate tax, which was set to jump from 35-percent to 55-percent. The compromise rate woud reportedly be 40-percent, with the first $5 million exempt from being taxed.

The reason they are not resolving the “Fiscal cliff” is Republicans and Democrats remained divided over spending cuts.

Democrats refuse to give any ground on spending cuts.

Report-fiscal-cliff-breakthrough-on-tax-cuts-estate-taxes