Photo by Chris Potter; courtesy of Creative Commons

Members of the Senate worked late New Year's Eve into early New Year's Day Tuesday to get a deal made.

According to CNN, the deal puts off budget cuts until two months from now, and holds on to Bush-era tax cuts for individuals with incomes less than $400,000, or less than $450,000 for couples

Vice President Joe Biden played an important role in getting the deal done. C-SPAN reported the plan was approved with 89 votes over eight.

The House is expected to vote on the matter later in the day Tuesday. House leadership aren't making any promises about the vote.

President Barack Obama seemed pleased a deal had been reached.

In a statement released Tuesday (Washington time) Obama said, "Leaders from both parties in the Senate came together to reach an agreement  that passed with overwhelming bipartisan support...that protects 98 percent of Americans and 97 percent of small business owners from a middle class tax hike. While neither Democrats nor Republicans got everything they wanted, this agreement is the right thing to do for our country and the House should pass it without delay."

He continued, "This agreement will also grow the economy and shrink our deficits in a balanced way — by investing in our middle class, and by asking the wealthy to pay a little more."

Read the full C-SPAN story here, and more of Neon Tommy's fiscal cliff coverage here.

Reach Staff Reporter Max Schwartz here; follow him on Twitter here.