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Archive - Jan 1, 2013 - News Article

Democratic officials: Fiscal 'cliff' deal reached

January 1, 2013

WASHINGTON — Racing the clock, the White House sealed a New Year's Eve accord with Senate Republicans late Monday to neutralize across-the-board tax increases and spending cuts in government programs due to take effect at midnight, according to administration and Democratic officials.
Under the deal, taxes would remain steady for the middle class and rise at incomes over $400,000 for individuals and $450,000 for couples — levels higher than President Barack Obama had campaigned for in his successful drive for a second term in office.

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