NYT: Senate Democrats, Republicans Working On Plan To Avoid ‘Fiscal Cliff’

The New York Times reports that Senate Democrats and Republicans are “coalescing around an ambitious three-step process to avert a series of automatic tax increases and deep spending cuts.” The tentative plan includes a likely deficit-reduction target of $4 trillion over 10 years. The deal also would aim to avoid the automatic spending cuts — known as the “sequester” — that would kick in at the beginning of next year.