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Will Congress reach a deal on the fiscal cliff by midnight?

by Take Two

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U.S. President Barack Obama said he was "modestly optimistic" while making a statement on fiscal cliff negotiations following a meeting with Congressional leaders at the White House December 28, 2012 in Washington, DC. Obama and members of Congress continue to seek a solution to avert the possibility of large tax increases combined with deep spending cuts also known as the "fiscal cliff". Win McNamee/Getty Images

It's the last day of 2012 and when the ball drops at midnight we could be headed off that dreaded fiscal cliff that we've all been hearing about incessantly.  

Congress is back in session this morning working on a deal to fend off the tax hikes and spending cuts that are supposed to take effect tomorrow. Sources close to the negotiating table say that major progress has been made but there are no signs of a deal yet. 

To fill us in on the status of the negotiations, we're joined by Christina Bellantoni, the political editor for PBS NewsHour.

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