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AP: Deal Reached To Avoid Fiscal Cliff

11:20 PM, Dec 31, 2012   |    comments
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The U.S. Capitol building is seen in Washington, D.C.(Photo: Brendan Hoffman, Getty Images)

WASHINGTON (AP) - A Democratic aide says the White House and congressional Republicans have reached an agreement to avert the so-called fiscal cliff.

The measure would extend Bush-era tax cuts for family incomes below $450,000 and briefly avert across-the-board spending cuts set to strike the Pentagon and domestic agencies this week.

Vice President Joe Biden was set to sell the agreement to Senate Democrats at a meeting at the Capitol on Monday night.

The aide required anonymity because he wasn't authorized to speak publicly.

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