The Senate approved a bipartisan agreement early Tuesday morning to let income taxes rise sharply for the first time in two decades, fulfilling President Obama’s promise to raise taxes on the rich and avoiding the worst effects of the “fiscal cliff.” The agreement, brokered by Vice President Biden and Senate Minority Leader Mitch McConnell (R-Ky.), passed 89 to 8 in a highly unusual New Year’s morning vote. It now heads to the House, where leaders have not guaranteed passage but top officials believe it could win passage in the next few days.

The agreement primarily targets taxpayers who earn more than $450,000 per year, raising their rates for wages and investment profits. At the same time, the deal would protect more than 100 million households earning less than $250,000 a year from income tax increases scheduled to take effect Jan. 1.

The deal came together barely three hours before the midnight deadline, after negotiators cleared two final hurdles involving the estate tax and automatic spending cuts set to affect the Pentagon and other federal agencies this week.

Republicans gave in on the spending cuts, known as sequestration, by agreeing to a two-month delay in budget reductions that would be paid for in part with new tax revenue, a condition they had resisted. And the White House made a major concession on the estate tax, agreeing to terms that would permit estates worth as much as $15 million to escape taxation by the end of the decade, Democrats said.
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Obama said, “Keep in mind that just last month, Republicans in Congress said they would never agree to raise tax rates on the wealthiest Americans. Obviously, the agreement that’s currently being discussed would raise those rates and raise them permanently,” he said.
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Obama is a terrible politician.

Woah!!!

Everybody is still asleep?

I wonder what happened here last night after i went to bed?

They passed a 157 page bill that no one has read.

How badly did we get ____ (is there another word for "screwed" that is more appropriate for use in mixed company)?

Senate Fiscal Cliff Deal Contains $1 In Spending Cuts For Every $41 In Tax Hikes…(Drudge)

Via Fox News’ Chad Pergram:

Chad Pergram @ChadPergram

Colleague Ed Henry says CBO indicates #fiscalcliff bill has $620 billion in new tax hikes. $15 billion in spending cuts.

Quote: Sanguine wrote in post #5

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How badly did we get ____ (is there another word for "screwed" that is more appropriate for use in mixed company)?

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Yes, thanks. So, I wonder how badly we got hosed. I understand that there wasn't time for those voting to have read it before they voted on it, so no point in asking them.