THE HILL: 12/31/12 06:23 PM ET Senate Republican Leader Mitch McConnell (R-Ky.) has told GOP colleagues that negotiators have agreed to postpone the automatic spending cuts known as the sequester for two months.
The agreement could pave the way for Senate passage of legislation to avoid the biggest parts of the so-called “fiscal cliff.” But it still needs to be approved by the Senate Democratic caucus, whose members are grumbling about the details…
McConnell announced on the Senate floor earlier in the day that he and Vice President Biden had agreed to the tax portion of the fiscal cliff. That part of the package would extend income tax rates for individual income up to $400,000 and family income up to $450,000. It would set the estate tax rate at 40 percent for inheritances over $5 million… (more)
