Cliff Hanger: Washington Tries for Last-Minute Deal

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With the edge of the fiscal cliff in sight there's still no deal in Washington.

The news comes as President Obama hosts a meeting Friday in a last ditch effort to break the stalemate with the Republican-dominated Congress.

"I have to be very honest. I don't know time-wise how it can happen now," Senate Majority Leader Harry Reid, D-Nev., said.

If there is no deal by Jan. 1, every American will see their taxes go up and automatic spending cuts will be implemented.

Republicans continue to blame Democrats for the standoff, saying there are limits to compromise.

"Republicans aren't about to write a blank check on anything Senate Democrats put forward just because we find ourselves at the edge of the cliff. That wouldn't be fair to the American people," Senate Minority Leader Mitch McConnell, said.

Democrats in turn blasted Republicans, insisting that taxes increase only for the wealthy Americans. They made it clear they're unwilling to compromise on spending cuts.

"The Republicans in the House have left town. The negotiations between the president and the Speaker have fallen apart as they have for the last three-and-a-half years. We've tried mightily to get something done," Reid said.

"The American people have a right to be very upset with this Congress," Rep. Steny Hoyer, D-Md., charged.

Neither side appears confident a deal will be reached.

Nevertheless, the president is scheduled to meet with the top four congressional leaders Friday, and House Speaker John Boehner, R-Ohio, called the House back into session for a rare Sunday session.

Meanwhile, the country is set to reach its debt ceiling limit come Monday.

Treasury Secretary Timothy Geithner said he's working on a temporary fix. But economists worry this could plunge the United States back into a recession.

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