US to go over fiscal cliff

WASHINGTON (AP/CNN) - Congress won't meet the Monday midnight deadline on voting to avert the so-called "fiscal cliff," despite a deal having been reached.

Monday night, an AP source said that the White House and congressional Republicans had come to an agreement that would avert the cliff.

But House leaders had already announced Monday afternoon that they did not intend to vote on any fiscal cliff legislation before the deadline.

If the vote happens after midnight Monday, the nation will have technically gone over the cliff.

Pres. Barack Obama said earlier in the day that an agreement to avert some of the automatic tax increases and spending cuts appeared to be "within sight," CNN reported, and Senate Minority Leader Mitch McConnell said a deal was "very, very close."

It wasn't until Monday night around 9 p.m. that a deal was hammered out.

There will be little practical difference in settling the issue Monday versus Tuesday, sources told CNN. One exception: If lawmakers approve a bill on Tuesday -- after tax rates have technically gone up -- they can argue they've voted for a tax cut to bring rates back down, GOP sources said.