Democratic Aide: 'Fiscal Cliff' Deal Reached

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Credit (AP Photo/Alex Brandon)

Vice President Joe Biden, center, greets reporters as he arrives for a Senate Democratic caucus meeting about the fiscal cliff, on Monday, Dec. 31, 2012 in Washington.

A Democratic aide says the White House and congressional Republicans have reached an agreement to avert the so-called fiscal cliff.

The measure would extend Bush-era tax cuts for family incomes below $450,000 and briefly avert across-the-board spending cuts set to strike the Pentagon and domestic agencies this week.

Vice President Joe Biden was set to sell the agreement to Senate Democrats at a meeting at the Capitol on Monday night.

The aide required anonymity because he wasn't authorized to speak publicly.