UPDATE: House Won’t Make Decision by Midnight

4:30 pm UPDATE: House Republicans announced that they will not make midnight deadline. They are only going to vote on other bills today.

Time is ticking as the midnight deadline nears for lawmakers to come up with a fiscal cliff plan.

Today, President Obama believes a deal is insight but not done yet.

President Obama spoke last week about a meeting he had with congressional leaders as they resolve their differences on the fiscal cliff.

President Obama said last week, he felt like they had a good and constructive meeting.

The fiscal cliff is a combination of automatic tax hikes and deep spending cuts due to take effect at the start of the new year.

The agreement would extend tax credits for families with children, for tuition, clean energy companies and unemployment insurance.

The deal right now that is being discussed will ask the wealthiest 2% of Americans to pay higher taxes.

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