Politicians Close to Deal on Fiscal Cliff

With hours to spare before the 2013 fiscal year, politicians in Washington are close to a deal on the "fiscal cliff".

CBS reports that Vice President Joe Biden went to the nation's capitol to tell Senate Democrats the specifics of a proposal; some of which are:


    - An extension of tax rates for those who earn less than $400,000 a year and couples who earn less than $450,000 a year

   - An increase of the estate tax from 35% to 40% "with the first $5 million worth of property exempt from being taxed

    - Those who are registered unemployed workers will receive their benefits despite the expiration date this past the weekend.


President Barack Obama says that Congress is close to a compromise, but "they're not there yet".

The "fiscal cliff" is a deadline that Washington aims to meet in order to make decisions such as replacing the expiring 2001 and 2003 Bush administration tax cuts.


CBS Article

CNN Article