Fiscal Cliff deal has been reached, balance of spending cuts and revenue increases

Democratic Senate Majority Leader Harry Reid and House of Representatives Minority Leader Nancy Pelosi have signed off on the deal, according to a Democratic aide speaking on condition of anonymity.

The measure would extend Bush-era tax cuts for family incomes below $450,000 and briefly avert across-the-board spending cuts set to strike the Pentagon and domestic agencies this week.

VP Biden is curently meeting with Senate Democrats to see if he can collect enough support for this proposed deal.