Obama to speak on ‘cliff’

President Obama will deliver remarks about the fiscal cliff at 1:30 p.m. from the South Court Auditorium, at a White House event with middle class Americans. 

Vice President Biden and Senate Minority Leader Mitch McConnell are close to a deal Monday to cancel historic tax hikes for most Americans. But they were still hung up on spending, with Democrats so far resisting Republican proposals for spending cuts that would come in exchange for delaying automatic spending cuts at federal agencies for just three months.

Lori Montgomery covers U.S. economic policy and the federal budget, focusing on efforts to tame the national debt.

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