Monday, December 31, 2012 11:16 am
Reid says 2 sides still apart on 'fiscal cliff'
The Associated Press
The Nevada Democrat says negotiations are continuing. But he cautioned that bargainers are running out of time and still have differences over some issues, though he did not say what still divides them.
Reid's remarks came Monday morning after the two sides narrowed their differences during an evening of bargaining between Senate Minority Leader Mitch McConnell and Vice President Joe Biden.
Without agreement by midnight, wide-ranging tax increases and budget-wide spending cuts - the so-called fiscal cliff - will begin taking effect. Though the impact of those changes would be felt gradually, economists have warned that they could cause recession if left intact.