Live Video: Fiscal Cliff
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A possible deal to avert the midnight deadline for the “fiscal cliff” of automatic tax increases and spending cuts began to take shape Monday, including an agreement to raise the income tax rate on top earners to what it was during President Bill Clinton’s last term in office, according to sources close to the process.
The potential deal also includes an increase in the estate tax and an extension of unemployment benefits, according to the sources.
Other issues remain in play, and it remains to be seen how the GOP-controlled House, which earlier refused to back a $1 million threshold for higher taxes, would respond to any deal.