Senate Majority Leader Harry Reid said that Democrats and Republicans still had key differences in talks to avert a looming year-end "fiscal cliff." The Democrat added that he had not been able to make a counter-offer to the latest Republican proposal:
I've had a number of conversations with the president and at this stage we're not able to make a counter-offer.
I think that the Republican leader has shown absolutely good faith. It's just that we're apart on some pretty big issues
America's financial crisis has been averted, not solved. We've had the fiscal cliff. Now get ready for the debt abyss.
Democrats and Republicans have so far failed to agree on an alternative plan to the tax increases and spending cuts scheduled for January 1.