Washington (CNN) - Senators who cut short holiday vacations to return to a deadlocked Washington offered varying degrees of optimism Friday on the potential of a fiscal cliff deal emerging from an afternoon meeting between President Barack Obama and congressional leaders.
Sen. Chuck Schumer, speaking on NBC's "Today" show, said he was "a little more optimistic today" about reaching a deal that would avoid the automatic tax increases and spending cuts that will go into effect at the end of the year. Both Republicans and Democrats have sounded increasingly downbeat on the chances of finding a solution before the effects of the cliff kick in.
New York (CNNMoney) - Sure, the rich would get hit hard by the fiscal cliff. But nearly everyone would feel the brunt of the tax hikes.
"Going over the fiscal cliff will raise taxes on 90% of Americans," said Roberton Williams, a senior fellow at the Tax Policy Center.
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CNN: Obama, congressional leaders to discuss impending fiscal cliff
President Barack Obama and congressional leaders will discuss the looming fiscal cliff impasse Friday at the White House, aiming for a last-minute deal to stave off automatic tax increases and spending cuts. The 3 p.m. meeting will come days before the deadline to reach a deal, and after another day of Republicans and Democrats blaming each other for the stalemate.
CNN: Rep. Markey to seek Kerry's Senate seat
Rep. Ed Markey of Massachusetts said Thursday he will seek the U.S. Senate seat currently held by Sen. John Kerry, who was nominated to become the next secretary of state last week. Markey's announcement makes him the first to publicly announce will seek the seat.