A late Monday evening vote in the U.S. Senate showed overwhelming support for a compromise that would avert the "fiscal cliff" scheduled to hit the nation today.

The measure, which passed by a 90 percent majority, extended middle-class tax cuts and unemployment benefits, as well as provided for an expanded earned income tax credit, child tax credit and college tax credit.

The deal would also prevent rate cuts to doctors who treat Medicare patients, and dividends and capital gains on family income above $450,000 would be taxed at 20 percent as opposed to the current 15 percent rate.

The measure is facing opposition in the U.S. House where Republicans are voicing opposition because it fails to address spending concerns.

If Congress fails to reach a deal, Bush-era tax cuts will expire, ...