USA - Fiscal Cliff: Now it's up to the House: fiscal cliff faces Republican-controlled territory - Josh Levs and Ed Payne

If a Senate deal to avert the fiscal cliff becomes law, all but a sliver of the U.S. population will avoid higher tax rates, some key issues will be put off for two months, and all sides in the battle will emerge with a mixed record: winning key points, while ceding ground on others.

The deal, which passed the Democratic-controlled Senate in an overwhelming 89-8 vote in the early hours of Tuesday, would maintain tax cuts for individuals earning less than $400,000 and couples earning less than $450,000. Technically, it would reinstate cuts that expired at midnight.

It would raise tax rates for those over those levels -- marking the first time in two decades the rates jump for the wealthiest Americans.

Read more: It's up to the House: fiscal cliff faces Republican-controlled territory - CNN.com