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U.S. Budget Compromise Deal Reached

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President 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 fiscal cliff. By waiting until the last minute, and cutting a deal on a much smaller scale than once envisioned, Washington also deferred many of its thorniest questions, though perhaps for only a few weeks. The delay in the spending cuts will run out about the same time. In effect, Congress has delayed the fiscal cliff by erecting a new and potentially more dangerous one.

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