Over the cliff, but with a bungee cord? No House vote tonight; Defense Dept. preparing furloughs; Update: Senate says deal ‘almost done’; Biden to the rescue; Cuts delayed 2 months

This isn’t really surprising, is it? It’s official at last: the House of Representatives will not vote on a fiscal cliff deal tonight, so it’s over the edge we go.

The House GOP are scheduled to meet at 5 p.m. tonight, but the only order of business is a Superstorm Sandy relief bill. Sources say the House will not vote on a Senate bill if the Senate does manage to produce one.

Ohio’s Rep. Steven LaTourette, a Republican, calls the whole process “disgusting.”

What does that mean for the average American? We’re not certain (especially about that “bungee cord” metaphor). The Defense Department is reportedly preparing to send out 800,000 layoff notices.

Congress still gets that pay raise, though, although Rep. Michelle Bachmann has just announced she’ll introduce legislation to stop that from happening.

One plus: the markets seem to be happy about the news.

Many are qualifying their news of our plunge over the cliff with the word “technically.” Cuts aren’t scheduled to take place until Wednesday, which still leaves some time for a vote.

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Update:

The House is scheduled to reconvene tomorrow at noon. House Speaker John Boehner had advised representatives to stay near the Capitol tonight.

In the meantime, the Senate has been working on its version of a bill, and sources say a deal there that will delay the sequester for two months is nearly done.

Others say it might be 2013 before the Senate actually votes.

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Update:

It looks like a long night ahead for both the Senate and the reporters covering it.

So, what have Biden and the Senate Democrats come up with? One source says — shocker — higher income taxes.

Here’s a refreshing change: the word “cave” appearing somewhere else besides next to the name “Boehner.”

Reports indicate that the Senate and White House have managed to kick the can down the road two whole months. With all the excitement of a deal getting done, is anyone actually happy with it?

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