'No new spending' in US budget deal
The tentative "fiscal cliff" deal contains no new spending, a senior Republican aide has told Reuters.
A source familiar with the talks also told Reuters that the sticking point in the deal is on the sequester (spending cuts) delay, with the White House seeking a delay for a full fiscal year.
America's budget crisis has been averted, but not solved
America's financial crisis has been averted, not solved. We've had the fiscal cliff. Now get ready for the debt abyss.
What is America's 'fiscal cliff'?
Democrats and Republicans have so far failed to agree on an alternative plan to the tax increases and spending cuts scheduled for January 1.