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. Benn

    If the Senate comes up with a deal, won't they then have to vote on it, then send it over to the House for them to also vote? I don't think they'll get all that done before midnight.

    December 31, 2012 at 9:49 am | Report abuse |
    • Jay jay

      Just read on another news site that a judge has ordered a sprm donor to pay child support to a lesbian couple that begged for his help. WHat the heck is going on with our country??...Different mountains from yesterday

      December 31, 2012 at 12:48 pm | Report abuse |
    • Jay jay

      Disregard the last sentence in my comment. Darn copy/paste thing on my phone. Lol

      December 31, 2012 at 12:49 pm | Report abuse |
  2. LMAO

    Hillarious! I have a feeling this comment will be deleted

    December 31, 2012 at 10:17 am | Report abuse |
  3. the prophet

    Lol @ ccn that is right on, if the French were Americans this Government would have collapsed and been reformed a long time ago. Americans do what they told like puppets and work and pay into the system like suckers, never really own anything not even their houses, very superficial all about glamorous society with poor education, infrastructure, and quality of life, most of all Americans are defensive colonialists and in denial. GOD bless the revolution 2013

    December 31, 2012 at 10:36 am | Report abuse |
  4. Rascal Rabble

    y'all supposely can't find common ground with fiscal cliff...but you dogs can pack together on a congressional raise...again self-interest prevails over the peoples' interest...

    December 31, 2012 at 11:04 am | Report abuse |
  5. the prophet

    M

    December 31, 2012 at 11:54 am | Report abuse |
  6. the prophet

    @lmao which comment and would it deleted?

    December 31, 2012 at 12:04 pm | Report abuse |
    • Censor Now network

      A Muslim,an illegal immigrant, and a communist walk into a bar. The bartender says "hello mr. President"

      December 31, 2012 at 12:36 pm | Report abuse |
    • Jay jay

      Saw it earlier prophet It was a harmless jab at the prez but the censors will go at great lengths to protect their man

      December 31, 2012 at 12:41 pm | Report abuse |
    • banasy©

      Why is this joke about Al Assad supposed to be funny?
      And what would a muslim be doing in a bar in the first place?

      December 31, 2012 at 2:31 pm | Report abuse |
    • Jay jay

      Banz it was a joke and a funny one at that. Someone pee in your eggnog this AM?

      December 31, 2012 at 3:04 pm | Report abuse |
    • Jay jay

      Karl. Thank you buddy. I know what you'll be suckin on tonight and it won't be eggnog. Slurp slurp. Cheers chupa penga

      December 31, 2012 at 4:45 pm | Report abuse |
  7. chrissy

    Good afternoon @ Rascal, i couldnt agree more with your post! Self interest and special interest, thats all these clowns are worried about! Just another episode of *when the circus came to town*! And really they dont care about seniors, social security or medicare because they arent required to pay into it!

    December 31, 2012 at 12:32 pm | Report abuse |
  8. chrissy

    And cnn this and Kanye West having a baby with an adulteress is the ONLY news today? The last day of the year and this is IT?

    December 31, 2012 at 12:37 pm | Report abuse |
  9. Hide Behind

    When enron crashed over 20 million 401k holders fell over the cliff and then later when they have gotten almost back to the top they found themselves getting knocked back to the bottom as another 20 million fell of the cliff when their housing bubbles pushed them over the edge.
    The presidents good men and women loking at the mess at the bottom said this has got to end and gave a trillion to those good men.
    Now not many have begun the try to climb again and the good presidents men get ready to push the elderly, infirm and not needed once more over the Same cliff because they say it will be good for the economy they say.
    That their economy will be saved we can rest assured, and while they will be congratulating each others success we who fell once twice or three times will once again renew our climb.
    That is the working mans way, he will not beg from those SOB's at the top he'll just keep on looking for a way he can claw and dig his way to climb out of the hole they pushed him in.

    December 31, 2012 at 12:55 pm | Report abuse |
  10. chrissy

    @ HB, the prez seems to be the ONLY one that DOES care about the elderly! You seem to be a little confused on that. CONGRESS would gladly toss them under the bus in a new york second if it would mean they and their special interest groups didnt have to pay higher taxes. And theyve been shuffling their money into off shore accounts for the past few weeks to make sure they dont! Its the old hide and shuffle shell game of a true con artist!

    December 31, 2012 at 2:13 pm | Report abuse |
  11. the prophet

    My fellow followers happy new year

    December 31, 2012 at 2:13 pm | Report abuse |
  12. chrissy

    Blocked again?!? Anyway happy new years to you also @ the Prophet! Wishing you all the best.

    December 31, 2012 at 2:23 pm | Report abuse |
  13. chrissy

    And @ Jay jay, yovure right that is an absolutely ridiculous ruling!!

    December 31, 2012 at 2:25 pm | Report abuse |
  14. saywhat

    being blocked. good morning folks.

    December 31, 2012 at 2:26 pm | Report abuse |
  15. saywhat

    Nurtured on the opiate of 'entertainment', embarrassing reality shows,private lives of celebs, electronic gadgets, games, the all consuming game nites. Young and old. We have lost touch with reality. Propaganda driven 'lotus eaters'.

    December 31, 2012 at 2:31 pm | Report abuse |
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