WASHINGTON – Racing the clock, the White House reached a New Year’s Eve accord with Senate Republicans late Monday to block across-the-board tax increases and spending cuts in government programs due to take effect at midnight, according to administration and Senate Democratic officials.
Under the deal, taxes would remain steady for the middle class and rise at incomes over $400,000 for individuals and $450,000 for couples — levels higher than President Barack Obama had campaigned for in his successful drive for a second term in office.
