Tuesday,  January 1, 2013 • Vol. 13--No. 166 • 16 of 37 •  Other Editions

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said Sen. Dianne Feinstein, D-Calif., when asked about the case the vice president had delivered behind closed doors.
• Passage would send the measure to the House, where Speaker John Boehner, R-Ohio, refrained from endorsing a package as yet unseen by his famously rebellious rank-and-file. He said the House would not vote on any Senate-passed measure "until House members -- and the American people -- have been able to review" it.
• Numerous GOP officials said McConnell and his aides had kept the speaker's office informed about the progress of the talks.
• The House Democratic leader, Rep. Nancy Pelosi of California, issued a statement saying that when legislation clears the Senate, "I will present it to the House Democratic caucus."
• Without legislation, economists in and out of government warned of a possible recession if the economy were allowed to fall over a fiscal cliff of tax increases and spending cuts.
• And while the nominal deadline for action passed at midnight, Obama's signature on legislation by the time a new Congress takes office at noon on Jan. 3, 2013 -- the likely timetable -- would eliminate or minimize any inconvenience for taxpayers.
• A late dispute over the estate tax produced allegations of bad faith from all sides.
• After hours of haggling, Biden headed for the Capitol to brief the Democratic rank and file.
• Earlier, McConnell had agreed with Obama that an overall deal was near. In remarks on the Senate floor, he suggested Congress move quickly to pass tax legislation and "continue to work on finding smarter ways to cut spending" next year.
• The White House and Democrats initially declined the offer, preferring to prevent the cuts from kicking in at the Pentagon and domestic agencies alike. A two-month compromise resulted.
• Officials in both parties said the agreement would prevent tax increases at incomes below $400,000 for individuals and $450,000 for couples.
• At higher levels, the rate would rise to a maximum of 39.6 percent from the current 35 percent. Capital gains and dividends in excess of those amounts would be taxed at 20 percent, up from 15 percent.
• The deal also would also raise taxes on the portion of estates exceeding $5 million to 40 percent. At the
• insistence of Republicans, the $5 million threshold would rise each year with inflation.
• Much or all of the revenue to be raised through higher taxes on the wealthy would help hold down the amount paid to the Internal Revenue Service by the mid

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