Top US Senate Republican Mitch McConnell has said that all talks with Vice President Joe Biden have been "successful" and an agreement has been reached on all tax issues.
He said that an agreement is "very close" and the Senate should pass the tax portions of the plan but that spending reduction talks will continue.
America's financial crisis has been averted, not solved. We've had the fiscal cliff. Now get ready for the debt abyss.
Democrats and Republicans have so far failed to agree on an alternative plan to the tax increases and spending cuts scheduled for January 1.