With only five days left in 2012, lawmakers are back in Washington, D.C. today along with President Obama, who left his family vacation in Hawaii early to continue talks on the fiscal cliff.
Before the Christmas break, Republican House Speaker John Boehner pulled Plan B off the table. That plan would have extended Bush-era tax cuts for most Americans. Those who make more than $1 million would have seen their tax rates return to 1990s rates. But the plan died quickly with a lack of support from within the Republican Party.
If no plan is reached before midnight on December 31, income tax rates will automatically increase for all Americans. Congress would then likely scramble in the first few weeks of the New Year to reach some sort of deal.
Takeaway Washington Correspondent Todd Zwillich provides the latest on the fiscal cliff negotiations.