President Barack Obama said today that he is "modestly optimistic" a deal to avoid the fiscal cliff can still be reached, but he warned that no one will get 100% of what they want.
A political summit at the White House left it to the Senate's top Democrat and Republican to work out a possible compromise to avoid the fiscal cliff, participants said.
The fiscal cliff is a combination of automatic tax hikes and deep spending cuts due to take effect at the start of the new year.
Get complete coverage of breaking news on CNN.com, CNN TV and CNN Mobile.
Follow developing stories with the CNN App.
Download it today from your app store and
You have opted-in to receive this e-mail from CNN.com. To unsubscribe from Breaking News e-mail alerts, go to: http://cgi.cnn.com/m/clik?l=textbreakingnews
One CNN Center Atlanta, GA 30303
(c) & (r) 2012 Cable News Network