As revelers in Times Square and cities and towns across the country wait for the ball to drop to ring in the new year, politicians in Washington have announced that a ball is not likely to drop on the average taxpayer. Negotiators have come to an agreement on the so-called “fiscal cliff” – and with less than three hours to spare, CBS News has confirmed.

Vice President Joe Biden traveled to Capitol Hill to brief Senate Democrats on the details of the deal; both Senate Majority Leader Harry Reid, D-Nev., and House Minority Leader Nancy Pelosi, D-Calif., have signed off on the agreement, White House and congressional sources told CBS News’ Chief White House Correspondent Major Garrett.

Now that lawmakers have settled on a deal, it’s unclear when the Senate will vote but it’s expected that if it passes, the House will vote tomorrow at the earliest. Continue reading “It’s official: Deal reached on “fiscal cliff””