The Republican-controlled House of Representatives will not hold any votes Monday night, ensuring that the U.S. will go off the 'fiscal cliff,' reports the Washington Post.
Earlier today, Politico.com reported that Vice-President Joe Biden and Senate Majority Leader Mitch McConnell (R-KY) reached an agreement to prevent the automatic tax increases and spending cuts per the sequestration, which would go into effect after midnight tonight.
Under the Senate deal, tax rates will increase for people making more than $400,000 a year, and on households making at least a combined $450,000 per year, reports NBC News.
Earlier today, President Obama declared that a deal was “within sight” (video below).
However, after Obama's comments, Brendan Buck, a spokesman for House Speaker John Boehner (R-OH), tweeted on Twitter: “The House will take action after the Senate passes something. We don’t have anything to vote on before midnight."
Doug Heye, a spokesman for House Majority Leader Eric Cantor (R-VA) added: “It is impossible for the House to schedule a vote on a deal that does not exist.”