The Senate deal permanently raises income taxes for individuals making more than $400,000 a year. It delays -- for just two months -- most of those automatic spending cuts that were set to kick in. And it includes a number of other provisions to stave off the most pressing aspects of the fiscal cliff.
President Obama made a new offer to the Republicans yesterday in the fiscal cliff negotiations. The President said he’ll extend Bush era tax cuts for households making less than $400,000, he’d previously drawn the line at $250,000.