Senate leaders 'to agree two-month spending cut delay'
A possible deal between Senate Republican leader Mitch McConnell and Vice President Joe Biden to avert the 'fiscal cliff' would include a two-month delay in automatic federal spending cuts due to begin this week, according to Republican Senator John McCain.
McCain said the deal would include $24 billion in other spending cuts to cover the cost of the delay, and would also include a one-year extension of unemployment benefits.
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.