Marathon Fiscal Talks Continue

    FILE - In this Dec. 10, 2012 file photo, fog obscures the Capitol dome on Capitol Hill in Washington. Big tax increases will hit millions of families and businesses a lot sooner than many realize if Congress and the White House don't agree on a plan to avoid the year-end fiscal cliff of automatic tax increases and government spending cuts. In fact, they already have. More than 70 tax breaks enjoyed by individuals and businesses already expired at the beginning of this year. If Congress doesn't extend them, a typical middle class family could get a $4,000 tax hike when they file their 2012 returns next spring, according to a private analysis. At the same time, businesses could lose dozens of tax breaks they have enjoyed for years. (AP Photo/J. Scott Applewhite)

    J. Scott Applewhite

    Negotiations on how to avoid the now-infamous fiscal cliff continued late into the night Saturday, with aids passing proposals back and forth between Republican and Democratic offices. The negotiations come one day after a “productive” but largely fruitless meeting between President Obama and congressional leadership left him “modestly optimistic.” Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell are now responsible for crafting a bipartisan agreement. The House and Senate will convene in “rare Sunday sessions” tomorrow—an indication of just how grave the situation has become.

    Read it at Washington Post