No 'Fiscal Cliff' Deal; Parties Remain Divided Over Taxes, Cuts - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

No 'Fiscal Cliff' Deal As Parties Remain Divided Over Taxes, Cuts

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Time is just about up.

We are just hours away from the new year, and it appears congress is not getting any closer on a deal to stop tax increases and program cuts for millions of Americans.

Despite some last-minute maneuvering, congress and the president have been unable to reach a resolution for the "fiscal cliff."

Republicans and Democrats remain divided over what the income limit should be for higher tax rates.

Adjusting Social Security is also a sticking point.

President Barack Obama appeared on NBC's "Meet the Press" Sunday morning. He said Republicans need to realize that tax hikes on the wealthy has to happen in order for the economy to move forward.

"If we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off this sequester or what's called these automatic spending cuts," Obama said. "And that also would have a better outcome for our economy long-term."

Vice President Joe Biden is also involved in talks in a last-ditch effort to get the two sides to broker a deal.

Leaders in both parties on the House and Senate agriculture committees have agreed to a one-year extension of the 2008 Farm Bill that expired in October. In doing so, Congress has managed to avert the so-called "milk cliff," which could have sent milk prices skyrocketing to as much as $7 a gallon starting next month.

The House still has to vote on the bill.

Fox's Doug Luzader joined "Good Day" Friday morning from Washington to report on the latest.

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