A “frantic round of late-night negotiations” between Vice President Joe Biden and Sen. Mitch McConnell (R-KY) “moved the Senate close to a deal to stave off hundreds of billions of dollars in tax increases and across-the-board spending cuts that would begin to kick in on Tuesday,” the New York Times reports.
First Read: “From what we understand, McConnell wants a deal — he wants to get this tax issue off the table. So they are close. The question is whether Boehner would bring such a deal to the floor and whether it could pass in time. But if a Biden-McConnell deal gets 70 or more votes in the Senate, Boehner might not have no choice but to bring the legislation to the House floor.”
Wonk Wire: Will fiscal cliff negotiations continue into 2013?
