On the Today show this morning, NBC political director Chuck Todd predicted that the House will pass a last-minute deal to avoid the so-called fiscal cliff, which passed in the Senate overnight.
But House Speaker John Boehner hasn’t yet scheduled a vote on the bill that would, against the longstanding objections of many Republicans, let income tax rates rise for the first time in 20 years.
The House convenes at noon Tuesday in a rare New Year’s Day session. The Wall Street Journal reports that even though the U.S. technically went over the so-called fiscal cliff at midnight, the economic impact of missing the deadline will be minimal because U.S. markets are closed Tuesday.
- John Bresnahan, senior congressional correspondent for Politico. He tweets @BresPolitico.