U.S. Budget Compromise Deal Reached – WSJ.com

WASHINGTON—President Barack Obama and Senate leaders Monday reached a New Year’s budget agreement that would let income-tax rates rise for the first time in nearly 20 years, maintain unemployment benefits for millions of people and blunt the impact of spending cuts that were looming as part of the so-called fiscal cliff.

The long-sought compromise, which will raise taxes on income over $450,000 for couples, was approved by the Senate in the early morning hours Tuesday. The House was expected to consider it later in the day. U.S. Budget Compromise Deal Reached – WSJ.com.