Looks like we’re headed over the “fiscal cliff”

There has been some movement in negoitiations to avoid the so-called “fiscal cliff” over the last 24 hours. Earlier this afternoon, President Barack Obama gave a progress report on the talks between congressional leaders. The stock market reacted positively, but it doesn’t look like Congress will vote on any sort of deal this evening.

It does look like there has been an agreement reached on tax rates. According to National Journal, Senate Minority Leader Mitch McConnell (R-KY) worked with Vice President Joe Biden to come up with an agreement that would raise taxes on individials earning $400,000 and families earning more than $450,000. It doesn’t look like there will be anything in the way of real spending cuts.

Jamie Dupree notes, that by going over the “fiscal cliff,” House Republicans will be able to vote for a tax package tomorrow that keeps them from actually raising taxes:

Dupree also notes that the House has adjourned until tomorrow at noon, though a vote in the Senate on the deal worked out between Biden and McConnell could come tonight.

We’ll be around tomorrow in case Congress does act.

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