President Obama has told a press conference at the White House that; "for the last few days the leaders in both parties have been working towards an agreement.
"Today it appears an agreement to prevent this New Year's tax hike is within sight - but it's not done. there are still issues left to resolve but we're confident Congress can get it done."
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.