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."

Full Story

Everyone is back early from their holiday vacations , the president, the vice president, the Senate and even the House of Representatives. The whole gang is here in D.C. So with everybody in town and focused on the issue at hand, will lawmakers avert what has been described by some as a national crisis?

So far the public schedule is empty. We can only hope the leaders will have something to announce later in the day.

Here is the latest CNN wire on the negotiations.

(CNN) - With only hours left Monday to avert what economists predict will be a one-two punch to the U.S. economy, Senate Democrats and Republicans were trying to negotiate a last-minute deal aimed at heading off a year-end combination of spending cuts and tax increase that could trigger a new recession.

The Senate was scheduled to reconvene at 11 a.m. ET on Monday when Majority Leader Harry Reid said he hoped to have an announcement despite acknowledging on Sunday that there was "still significant distance between the two sides."

The negotiations hit a major stumbling block Sunday over a Republican demand that a deal to avoid the "fiscal cliff" include changes to Social Security benefits, even as the two sides appeared close to agreeing on who would be required to pay more taxes once the Bush-era tax cuts expire.

Republicans have since dropped a demand that changes to how Social Security benefits are adjusted for inflation be included in a deal, but not before Democrats and Republicans accused one another of gamesmanship in the negotiations.

Full story