WASHINGTON (CBSDC) – CBS News has confirmed that an agreement has been reached on the “fiscal cliff.”
The deal will not be brought to the Senate to be voted on. The House will vote on the deal tomorrow at the earliest.
The country will technically go over the “cliff” at midnight but any detrimental impact will be avoided.
Current known details of the agreement are that the current tax rates will be extended for all wage earners making below $400,000 and couples making below $450,000.
The automatic spending cuts under the sequester will be delayed for two months.
The estate tax will increase from 35 percent to 55 percent in 2013.
Doctors will be shielded from a massive reimbursement gap for treating Medicare patients.
Unemployed workers will receive their benefits which expired over the weekend.
The tax credit for renewable energy companies will be extended for another year.
“Action on the sequester is something we can continue to work on,” Senate Minorithy Leader Mitch McConnell, R-Ky., the GOP’s lead negotiator told his colleagues.