Fiscal-Cliff Deal Reached

And no one thought a deal could be reached before the new year. The Senate voted before dawn on Tuesday—yes, on New Year's Day—to pass a deal that would avert the fiscal cliff. Even rarer than the New Year's Eve vote? The 89–8 final vote tally. The deal prevents automatic tax increases on much of the country, but will put tax hikes in place for the richest Americans—a major concession for Republicans. The House is likely to vote on Tuesday, to avoid any market effects of the breach of the so-called fiscal cliff from happening on Wednesday. The reported dealmaker, Vice President Biden, will reportedly meet with House Democrats Tuesday afternoon to sell the deal.