No done deal just yet. The House has yet to vote on the package. And it doesn't seem like the members are in a huge hurry to do so, The House reconvenes today at 12 noon.
As for the President he is waiting at the White House. He has urged House members to pass the package "without delay".
The latest CNN wire explaining the in and the outs of the deal is below.
(CNN) - A full two hours after a midnight deadline, the Senate overwhelmingly passed a deal Tuesday to avert the feared fiscal cliff on an 89-8 vote.
The Senate package would put off budget cuts for two months and preserve Bush-era income tax cuts for individuals earning less than $400,000 or couples earning less than $450,000.
The measure now goes to the House where it faces an uncertain future in the Republican-controlled body.
"Glad it's over," said Senate Majority Leader Harry Reid, D-Nevada, after the vote. "We'll see if the Republicans in the House can become functional instead of dysfunctional."