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Senate Reaches Fiscal Cliff Deal

Senate Reaches Fiscal Cliff Deal
 (WENY)--- A very happy New Year for the Senate closing out 2012 with a deal.

With little time to spare, lead negotiators hammered out a compromise on spending cuts and tax increases

Deal or no deal, the US was destined to go over the cliff because the house adjourned Monday night.

It will take up the measure when it reconvenes Tuesday at noon.

Vice president Joe Biden went to capitol hill late in the evening to meet with the chief negotiators.

The deal will increase the estate tax...extend unemployment benefits...and bring back higher, Clinton-era tax rates on top earners.

Democrats made a major concession-- an increase in the income threshold for tax cut extensions -- from households earning 250-thousand, reportedly to those making 450-thousand dollars a year.

Frustrated republicans say while the deal will likely pass...it's not ideal.

The controversial spending cuts that were a sticking point of negotiations are now postponed for at least two months.