It is also unclear how ugly the deal is. As Carlyle Group co-founder David Rubenstein once said to me with regard to other legislation "The devil is in the details."
No details have emerged but the headlines aren't pretty:
The agreement would raise taxes on "wealthy" Americans.
It would let a 2% payroll-tax cut lapse--meaning almost everyone's paycheck will be at least 2% lower in 2013.
AND, it delays across-the-board spending cuts.The details are likely worse.
The House is due back at noon Eastern time on Tuesday for a rare New Year’s Day session.
UPDATE: Senate is back in session.
The Senate has passed the bill by a vote of 89 to 9. Now the bill goes to the House.