Tagged: Fiscal Cliff

We have reached the last weekend of the year, and Washington still has not reached a deal to avert the big tax hikes and spending cuts known as the fiscal cliff.

President Obama met with top congressional leaders at the White House on Friday afternoon: John Boehner and Nancy Pelosi from the House, and Harry Reid and Mitch McConnell from the Senate.

Days before a budget crisis deadline will hit the U.S. economy, President Obama says, "I'm optimistic we may still be able to reach an agreement that can pass both houses in time."

The details of that agreement, which could avert automatic spending cuts and tax increases that are set to take effect on Jan. 1, would likely come from discussions between Senate Minority Leader Mitch McConnell (R-Ky.), and Majority Leader Harry Reid (D-Nev.).

You've heard of the "fiscal cliff," but have you heard of the milk cliff"?

If Congress doesn't take action in the next four days, milk prices could shoot up dramatically.

Here's why:

The tortuous negotiations involved in the "fiscal cliff" talks are like a chess game.

To shed some light on the kinds of negotiation techniques that members of Congress might be using during the talks, we asked two negotiators to walk us through their tactics with examples from their everyday lives.