Obama, Senate Republicans reach agreement on 'fiscal cliff'

WASHINGTON -- With hours remaining to avert the so-called fiscal cliff, President Barack Obama said a deal is “within sight” and urged lawmakers to come together to avert automatic tax hikes and spending cuts that kick in on

The “fiscal cliff” was designed by Washington for Washington — it was intended to set up a scenario so severe that the president and Congress would, at last, have to take on the nation's major tax and spending problems. Instead, lawmakers again found

The “fiscal cliff” was designed by Washington for Washington — it was intended to set up a scenario so severe that the president and Congress would, at last, have to take on the nation's major tax and spending problems. Instead, lawmakers again found

President Barack Obama is scheduled to give an address on the Fiscal Cliff on Monday at 1:30 p.m. ET. Watch live here.

Despite the tentative agreement reached late Monday to avoid much of the fiscal cliff, many Americans will see a higher tax bill because of the expiration of the payroll tax cut, which was enacted in 2011 as a temporary measure to boost economic growth.