Congressional Budget Office

It’s official: Deal reached on “fiscal cliff” – CBS News


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Vice President Joe Biden speaks following a Senate Democratic caucus meeting about the fiscal cliff on Capitol Hill, Dec. 31, 2012 in Washington. / AP


It’s official: Deal reached on “fiscal cliff” – CBS News.


The ball in Times Square has dropped, 2013 is here and, technically, so is the “fiscal cliff”, as Congress has yet to officially pass a plan to avert the scheduled spending cuts and tax hikes. But before panic sets in, although lawmakers failed to meet the midnight deadline, a deal is in place and the first step to making it official — Senate passage — is in the books.