POLITICO: Updated: 12/31/12 7:35 PM EST
Washington inched closer to a deal that would avert massive tax increases, but Congress will still fall short of passing legislation before a new year deadline, sending the country over the fiscal cliff at least temporarily as the two sides struggled to iron out final details.
Democrats are objecting to a two-month delay of automatic spending cuts poised to take effect in the year. The two parties have vowed to reverse the so-called sequester, but Republicans have demanded that the changes be offset with other spending reductions…
A vote in the Senate was possible late Monday night, but far from assured. House leaders are waiting for Senate action and will not vote before the new year… (more)
