'Fiscal cliff' deal reached - source
01 January 2013, 09:24
Washington - A Democratic aide says the White House and congressional Republicans have reached an agreement to avert the so-called fiscal cliff of impending tax hikes and spending cuts.
The measure would extend George W 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.
Vice President Joe Biden was set to sell the agreement to Senate Democrats at a meeting at the Capitol on Monday night.
The aide required anonymity because he wasn't authorised to speak publicly.