fiscal cliff

Highlights of a bill approved Tuesday by the Senate aimed at averting wide tax increases and budget cuts scheduled to take effect in the new year.

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New Jersey Senator Robert Menendez describes the fiscal cliff compromise as "not perfect" but voted for it to "protect 2 million New Jersey families" from an "an unfair tax hike."

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Racing the clock, the White House reached 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 Senate Democratic officials.

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The House will miss the midnight Monday deadline lawmakers set for voting to avoid the "fiscal cliff."

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President Barack Obama says it appears that an agreement to avoid the fiscal cliff is "in sight," but says it's not yet complete and work continues.

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On Monday, the stock market was as choppy as the "fiscal cliff" deal-making that has been yanking it around.

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Senate Majority Leader Harry Reid says the two sides are still apart as they race against a midnight deadline for resolving their differences over the "fiscal cliff."

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Taxes on the wealthy and Republican demands for budget cuts to pay for Democratic spending proposals were separating the two parties as the deadline for avoiding the "fiscal cliff" has drawn to within hours.

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The top leaders in both parties on the House and Senate Agriculture committees have agreed to a one-year extension of the 2008 farm bill that expired in October, a move that would head off a possible doubling of milk prices next month.

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President Barack Obama tells NBC's Meet The Press GOP leaders have rejected his past attempts to strike a bigger and more comprehensive bargain during Fiscal Cliff negotiations while voicing hope for legislation aimed at containing gun violence passed next year.

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