Update: Deal Reached on Fiscal Cliff Deal

Update 9:45p - According to reports, Democrats and republicans have reached a deal on the Fiscal Cliff.

The deal was reached right at the tipping point. According to CBS News, the ball will not drop on the average tax payer. the AP reports that the deal prevents an increase on taxes across the board, and no cuts to government spending.

4:40pm - No vote in the House today means the U.S. is set to go over the fiscal cliff.  Senate leaders are still negotiating on taxes, but House leaders say they will adjourn with no vote on fiscal cliff matters.  The term "fiscal cliff" has become a popular short-hand for the combination of tax hikes and spending cuts set to go into effect tomorrow as part of the Budget Control Act of 2011.

New numbers from the Tax Policy Center show millions of families are expected to take a major hit to the wallet if a deal isn't reached.  Those making between 40-thousand and 50-thousand dollars would pay an extra 17-hundred dollars in taxes next year.  Households earning between 50 and 75 thousand dollars would be slapped with an extra 23-hundred dollars in taxes. (Metro Networks Inc.)