The Capitol is illuminated in Washington, where the House and Senate remain in session. The two chambers will miss a deadline to avoid the “fiscal cliff” tonight, as 2013 begins.
NPR’s coverage of President Obama’s comments on the “fiscal cliff” talks
Update at 9:45 p.m. Deal Reached
Vice President Joe Biden was meeting late Monday with Senate Democrats to brief them on a proposed deal to stop sharp tax increases and spending cuts. A source told NPR the deal with congressional Democratic and Republican leaders includes a mix of both.
Senate Majority leader Harry Reid and House Minority Leader Nancy Pelosi have signed off on the agreement, which calls for a two-month deferral of the automatic spending cuts known as the sequester. The source says the cuts will be paid for half with revenue and half with more targeted spending cuts.