The Associated Press reports the U.S. Senate has passed the tax portion of fixing the fiscal cliff problem by a vote of 89 to 8. Now it will go to the House where Speaker Boehner makes no a priori predictions about its future.
Sequestration has been given a two month reprieve so Congress can try to work out better ways to cut government spending, including entitlement costs. That will put it in the hands of the next Congress.
