The Senate has formally opened for business today without a deal yet to avert the "fiscal cliff."

Majority Leader Harry M. Reid (D-Nev.) opened the session with an announcement that talks are making progress but some issues still need to be worked out before a deal can be brought to the floor.

"There are a number of issues on which the two sides are still apart but negotiations continue as I speak," he said. "There’s still some issues that need to be resolved before we can bring the legislation to the floor."

Senate Minority Leader Mitch McConnell (R-Ky.) is engaged in feverish talks with Vice President Biden. The two spoke at 12:45 a.m. and then again at 6:30 a.m. in effort to find agreement.