Obama and Republicans reach deal to avert 'fiscal cliff'
A deal has been agreed between the White House and Republican politicians to avert the 'fiscal cliff', an administration source told Reuters.
President Obama and Senate Republicans have reached a deal that will see income taxes rise for the first time in more than two decades, thus averting the worst effects of the 'fiscal cliff', according to the Washington Post.
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.