Vice President Biden and Sen. Mitch McConnell (R-Ky.) were locked in urgent talks late Sunday over the “fiscal cliff” after Democrats offered several significant concessions on taxes, including a proposal to raise rates only on earnings over $450,000 a year.

The last two conversations between the vice president and the minority leader were at 12:45 a.m. and 6:30 a.m.

By Monday morning, McConnell's office reported that talks continued between the two men and expressed some hope of reaching a deal. "The Leader and the VP continued their discussion late into the evening and will continue to work toward a solution," Don Stewart, McConnell's spokesman, said in a statement.

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