Working with Congress against a midnight deadline, President Barack Obama said Monday that a deal to avert the “fiscal cliff” was in sight but not yet finalized. The emerging deal would raise tax rates on family income over $450,000 and individual income over $400,000 a year, increase the estate tax rate and extend unemployment benefits for one year.
Make no mistake here, any Republican who votes for this compromise is voting for a tax increase whether Grover Norquist gives them cover or not. If this passes the spineless Republicans will have been worked again.
Update: There will be no vote tonight.