(CNN) – Following a day of ups and downs in the fiscal cliff talks, Senate Majority Leader Harry Reid said the Senate will meet back again Monday, meaning there will be no vote on a deal Sunday night.
The chamber will reconvene at 11 a.m. ET, he announced on the Senate floor. Saying there's "still significant distance between the two sides," Reid confirmed negotiations are continuing, nonetheless.
"We'll have further announcements perhaps at 11 in the morning. I certainly hope so," Reid added.
Monday marks the final deadline for a deal to avert a large combination of tax hikes and spending cuts to kick in at the start of 2013.
Also on the floor, Reid said he was "really gratified to hear the Republicans have taken their demand for Social Security benefit cuts off the table."
Earlier in the day, talks seemed to come to a standstill after a Democratic source told CNN that Republicans were insisting any deal include chained CPI, a move that Democrats staunchly opposed.
Chained CPI would change the way Social Security benefits are adjusted for inflation, effectively meaning Social Security recipients would receive less money over the years.
Multiple senators later told CNN that the provision was no longer part of the talks.
"The truth is they should never have been on the table to begin with," Reid said.
– CNN's Dana Bash, Ted Barrett, and Ashley Killough contributed to this report.