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The moment we’ve all been waiting for has arrived! An agreement has been reached to avoid the nation from falling off the fiscal cliff, finally!

The deal, in principle to avert broad tax increases and spending cuts passed in the Senate early Tuesday morning, was reached with an overwhelming vote of 89-8.

The House of Representatives is expected to vote before Wednesday.

VIDEO: The Countdown Begins! Obama Speaks On Fiscal Cliff Progress

NBC News reports:

The interim New Year’s Eve tax deal negotiated by Biden and Senate Republican Leader Sen. Mitch McConnell of Kentucky would raise income taxes on single earners with annual incomes above $400,000 and married couples with incomes above $450,000.

It also blocks spending cuts for two months, extends unemployment benefits for the long-term jobless, prevents a 27 percent cut in fees for doctors who treat Medicare patients and prevents a spike in milk prices.

A last minute addition, going into to full effect in March, would also prevent a raise of $900 for members of Congress.

As of mid-afternoon Monday, the debating point involved the “sequester,” the cuts to spending – about $100 billion to start in 2013.

DETAILS: The Pressure’s On! President Obama Scolds Congress For Fiscal Cliff Decision Delay 

Earlier in the day, President Obama announce tha a deal to avert billions of dollars in tax increases, that would kick in by midnight is “within sight.”

We’re glad, he was right! Check out more on the deal in the video above!


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