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Obama: 'Fiscal cliff' deal 'in sight' as Congress keeps negotiating (Update)

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UPDATE 10:55 a.m.: President Barack Obama says it appears that an agreement to avoid the fiscal cliff is "in sight," but says it's not yet complete and work continues.

Obama says this has been a "pressing issue on people's minds," and tells an audience of middle-class taxpayers the deal would, among other things, extend unemployment benefits for Americans "who are still out there looking for a job."

He voiced regret that the work of the administration and lawmakers on Capitol Hill won't produce a "grand bargain" on tax-and-spend issues, but said that "with this Congress, it couldn't happen at that time."

Officials familiar with the negotiations say an agreement would raise tax rates on family income over $450,000 a year and increase the estate tax rate.

PREVIOUSLY: The Associated Press is reporting that the parameters of a deal to avoid the 'fiscal cliff' is emerging and President Barack Obama is set to speak to the nation at about 10:30 a.m. PST.

KPCC will carry President Obama's remarks live on 89.3 FM, via our online audio stream and through a live video stream from from the White House, which can be seen below.

The contours of a deal to avert the 'fiscal cliff' have Democrats and Republicans agreeing to raise tax rates on family income over $450,000 a year, increase the estate tax rate and extend unemployment benefits for one year, officials familiar with the negotiations told the AP.

RELATED: Year ends as it began: The US headed towards 'fiscal cliff'

But with a midnight deadline rapidly approaching, both sides were at an impasse over whether to put off automatic, across-the-board spending cuts set to take effect on Jan. 1, and if so, how to pay for that.

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