Senate Majority Leader Mitch McConnell (R-KY) and Vice President Joe Biden have reached an agreement on Monday regarding the tax increase and spending cuts impasse that snared lawmakers for weeks, thus preventing the advent of the so-called “Fiscal Cliff,” Politico reported via Twitter.

Update 1 - Here's what's known to be in the fiscal cliff deal so far

Update 2 - Democrats win key tax fights in emerging fiscal cliff deal

Update 3 - Fiscal Cliff Dive: Congress Will Miss Deadline After House Punts On Vote