Reporters pursue Speaker of the House John Boehner, R-Ohio, as he walks to a closed-door meeting with GOP members of the House as Congress in Washington, Monday, Dec. 31, 2012, as Senate and House leaders rush to assemble a last-ditch agreement to head off the automatic tax hikes and spending cuts set to take effect Jan. 1, 2013. The House will miss the midnight Monday deadline lawmakers set for voting to avoid the “fiscal cliff.” (AP Photo/J. Scott Applewhite)
WASHINGTON — A Democratic aide says the White House and congressional Republicans have reached an agreement to avert the so-called fiscal cliff of impending tax hikes and spending cuts.
The measure would extend George W. 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.