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Democratic aide: Fiscal 'cliff' deal reached

Story Created: Dec 31, 2012 at 10:21 PM EDT

Story Updated: Dec 31, 2012 at 10:21 PM EDT

WASHINGTON (AP) - A Democratic aide says the White House and congressional Republicans have reached an agreement to avert the so-called fiscal cliff.

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.

Vice President Joe Biden was set to sell the agreement to Senate Democrats at a meeting at the Capitol on Monday night.

The aide required anonymity because he wasn't authorized to speak publicly.

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