This is WEEKENDS on ALL THINGS CONSIDERED from NPR News. I'm Jacki Lyden.
Time is quickly running out for Congress to strike a deal blocking automatic tax hikes and spending cuts that kick in within the New Year. Despite the presence of Vice President Joe Biden at the White House and a flurry of proposals passed back and forth today between Senate Republicans and Democrats, things seem to have reached an impasse this afternoon. Senate Majority Leader Harry Reid has said that nothing will happen this evening.
In the final hours of the latest budget crisis in Washington, several salient facts are increasingly clear.
First, the leaders of the two parties in the Senate might still put together a negotiated deal that would avert the combination of tax increases and spending cuts known as the fiscal cliff. The leaders would start with President Obama's top priorities, modify them to accommodate Republican preferences, throw in some measures that are GOP priorities and take the package to the floor.