So what is really in the fiscal cliff legislation?
Of course, there are the widely-known sticking points the two sides have been haggling over for weeks: extensions of the income tax cuts for middle and low-income earners, the current estate tax rate, and the alternative minimum tax.
But there's also a provision on two- and three-wheeled electric vehicles, renewable energy, and rum.
The American Taxpayer Relief Act of 2012, which passed the Senate early Tuesday morning, is a vehicle for a number of regular year-end tax extenders.
Among the extensions is the excise tax carry-over on rum produced in Puerto Rico and the Virgin Islands. It's a federal tax of which most is paid back to the islands.
Americans for Tax Reform President Grover Norquist says technically lawmakers didn't violate their anti-tax pledge by voting in favor of the fiscal cliff deal, which increases tax cuts on households earning more than $450,000 annually.
He argues that because the Bush tax cuts expired the day before the vote, legislators were essentially cutting taxes by supporting the new bill that passed in the Senate and House on January 1.
Three days before 2012 ends, the president and House and Senate leaders meet to negotiate on a last-minute agreement. They're scrambling to meet a deadline they created – we're Keeping Them Honest.
President Barack Obama and congressional leaders will discuss the looming fiscal cliff impasse Friday at the White House, aiming for a last-minute deal to stave off automatic tax increases and spending cuts.
The 3 p.m. meeting - which will include Obama, Vice President Joe Biden, House Speaker John Boeher, House Minority Leader Nancy Pelosi, Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell - will come days before the deadline to reach a deal, and after another day of Republicans and Democrats blaming each other for the stalemate.
Former Senator Trent Lott's fiscal cliff negotiation advice: Quit talking at each other, sit down, and talk with each other. His recommendation to Congress and the President is to..."quit campaigning, quit having press conferences, sit down at a round table and negotiate a deal."
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