December 31st, 2012
08:58 AM ET

With no deal and only hours to go, U.S. economy heads toward fiscal cliff

With only hours left Monday to avert what economists predict will be a one-two punch to the U.S. economy, Senate Democrats and Republicans were trying to negotiate a last-minute deal aimed at heading off a year-end combination of spending cuts and tax increases that could trigger a new recession.

The Senate was scheduled to reconvene at 11 a.m. ET, when Majority Leader Harry Reid said he hoped to have an announcement despite acknowledging Sunday that there was "still significant distance between the two sides."

CNNMoney.com: What if there's no deal on fiscal cliff

The negotiations hit a stumbling block Sunday over a Republican demand that a deal to avoid the "fiscal cliff" include changes to Social Security benefits, even as the two sides appeared close to agreeing on who would be required to pay more taxes once the Bush-era tax cuts expire.

As the fiscal cliff looms, what's your New Year's message to Washington? Go to CNN iReport to share your video.

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soundoff (39 Responses)
  1. saywhat

    As a vibrant , awake people we would be gathered today in Washington not preparing to throng town squares to drink and merry making. Making those self serving idiots up on the Hill, our Reps, act for the sake of this country and its people.
    Making the President act re-elected.
    But that is not to be.

    December 31, 2012 at 2:35 pm | Report abuse | Reply
  2. Hide Behind

    It was an executive order by Obama that gave our elected the raise.
    It was Obama and the Demos that put SS on the table when all they had to say was NO!
    At no time since his election have the american populace stopped giving away their financial and libertys away, nor ended our nations making wars without end.
    What was middle class 4 years ago is now the working poor and they who are the middle class today are the wealthy of times before.
    His party sponsor and or vote for draconian acts that allowed the 4th amendment to become worthless and placed every ameriican not in an official catagory to be treated as potential enemies not just of the State but of the interest of domestic and foreign nation financials as well.
    Said it before he was elected and in no way been proven wrong that no matter who got elected the american public as a whole would be the losers.

    December 31, 2012 at 2:58 pm | Report abuse | Reply
  3. belinda

    I recall the day a news conference was held and one of our Congressmen announced that their committee, charged with creating a budget plan, could not agree and that was it. Back to the golf course or maybe the NFL hearings or something that doesn't require serious intellectual negotiation on behalf of all citizens of the US. Who does this? To walk out of a meeting and quit when the consequences are so potentially disastrous to so many? Pathetic. And please stop holding news conferences where the "bone" with mafia like group stands at podium to once again tell everyone we can't reach a compromise and then blame it on others. Did you think we forgot that a lot of you have been in office helping to create this budget mess and failing to make the hard choices? No, we have not forgotten. So perhaps it's time to bring in people who CAN practically and diligently create a plan without political motives. The one person who is economically successful, is practical, and could get the job done quickly is Warren Buffett. He is a true patriot in my opinion.

    December 31, 2012 at 2:59 pm | Report abuse | Reply
  4. saywhat

    My posts have now appeared on page 1. Maybe a goodwill gesture by CNN.

    December 31, 2012 at 3:26 pm | Report abuse | Reply
  5. saywhat

    No CNN I Havn't already said that.
    My posts have now appeared on page 1. Maybe a goodwill gesture by CNN.

    December 31, 2012 at 3:27 pm | Report abuse | Reply
  6. bobcat (in a hat)©

    Well let's see if this will post

    HAPPY NEW YEAR TO :
    banasy and
    chrissy and
    dazzle and
    Victoria / Tori and
    JIF and
    saywhat and
    s kel and
    ruffnutt and
    Scottish Mama and
    Greek American and
    raven and
    Kelly in tulsa and
    a special memory to lee in tulsa and
    Mary and
    Philip and
    Hamsta and
    everyone else I can't think of at this time.

    Good lord, that was like a flashback to my childhood days and Romper Room.

    December 31, 2012 at 4:05 pm | Report abuse | Reply
    • bobcat (in a hat)©

      And to Jeff Frank. My favorite right winger of all time.
      Who the heck else am I missing ? Please respond and my apologies to those I've missed.

      December 31, 2012 at 4:09 pm | Report abuse |
    • banasy©

      Happy New Year, Rawr, you dear man.
      I see a certain cat is going to have a special evening, lol.

      December 31, 2012 at 4:18 pm | Report abuse |
    • bobcat (in a hat)©

      @ banasy

      We're going to bring in the year a the Hard Rock casino this year. I'm going to put some skates on my rocker and do it up right. You guys be careful if you are going out. I'll talk you all next year.

      December 31, 2012 at 4:26 pm | Report abuse |
    • dazzle ©

      A very Happy New Year from us to you and yours @bobcat(in a hat).

      December 31, 2012 at 5:08 pm | Report abuse |
    • bobcat (in a hat)©

      @ dazzle

      And the same for you and yours. Be safe out there in Az.

      December 31, 2012 at 5:14 pm | Report abuse |
  7. Anders Behring Breivik (King of the Island)

    Happy New Year to all my supporters/fans and admirers!

    December 31, 2012 at 4:07 pm | Report abuse | Reply
  8. bobcat (in a hat)©

    Jenna was taking an afternoon nap on New Year's Eve before the festivities. After she woke up, she confided to Max, her husband, 'I just dreamed that you gave me a diamond ring for a New Year's present. What do you think it all means?'
    'Aha, you'll know tonight,' answered Max smiling broadly.
    At midnight, as the New Year was chiming, Max approached Jemima and handed her small package. Delighted and excited she opened it quickly. There in her hand rested a book enti tled: 'The meaning of dreams'.

    December 31, 2012 at 4:35 pm | Report abuse | Reply
  9. chrissy

    Happy new years to all of you my favoritest ppl outside of my immediate family. And @ bobcat did you ever figure out my riddle??

    December 31, 2012 at 6:46 pm | Report abuse | Reply
  10. Linda

    I have heard a rumour that congress, are wanting a raise this year! Is this rumour true? I hope it is not be

    January 1, 2013 at 1:41 pm | Report abuse | Reply
  11. bobcat (in a hat)©

    test

    January 2, 2013 at 11:11 am | Report abuse | Reply
  12. bobcat (in a hat)©

    test test

    January 2, 2013 at 5:07 pm | Report abuse | Reply
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