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December 28, 2012 5:06 pm
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Lawmakers Seek to Avoid Fiscal Cliff in Final Talks

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Senate Majority Leader Harry Reid.

Fox News – President Obama and congressional leaders were facing a rapidly shrinking set of options for averting the fiscal crisis as they met Friday afternoon, with Senate Republican Leader Mitch McConnell warning they are “running out of time.”

Just a few weeks ago, lawmakers had high hopes for a “grand bargain” that would narrow the deficit, overhaul the tax code and set the country on a course to curb its entitlement spending — all while averting massive tax hikes and spending cuts set to hit Jan. 1.

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