Senate Majority Leader Harry Reid (D-Nev.) just appeared on the Senate floor to announce that negotiations are back underway on a deal to avert the "fiscal cliff."

"There's still significant distance between the two sides, but negotiations continue," Reid said. "There's still time left to reach an agreement, and we intend to continue negotiations."

Negotiations hit an impasse this afternoon, with Democrats accusing Republicans of insisting on Social Security being part of a deal and Republican accusing Democrats of refusing to make a counteroffer.

 Reid said the Senate would reconvene at 11 a.m. Monday and that there will be no votes Sunday night.