Last night the United States Senate and the president agreed on a 2013 budget that raises taxes on those earning over $450,000 and phases out tax deductions and credits on those earning $250,000 or more. Spending cuts were deferred. We political science scholars note that there is another legislative chamber in the United States government called the House of Representatives and that "technically" no budget is law before being passed by both.  By some wizardry however the agreement between the president and Senate postpones automatic tax increases and most spending cuts that would have gone into effect today pending approval by the House, which could come as early as today or as late as March. Or never.  Nonetheless Vice President Biden said  "I feel very, very good" about this New Year's Eve resolution and we always go with the vice president on feelings.