(CNN) - Congressional Democrats trying to negotiate a deal to avoid the fiscal cliff have increased the income threshold for tax increases to $450,000, a Democratic source told CNN. President Barack Obama campaigned on a promise to raise rates on households making more than $250,000 a year.
Sen. Dick Durbin, D-Illinois, explained further on Monday that Republicans offered a $450,000 income threshold for individuals and $550,000 for couples - and that Democrats countered with a $360,000 threshold for individuals and $450,000 for couples.
Sources in both parties say talks proceeded through the night between Senate Minority Leader Mitch McConnell and Vice President Joe Biden. Don Stewart, a spokesman for McConnell, said the two men "will continue to work toward a solution."