US Senate Majority leader Harry Reid said Democrats and Republicans need to resolve significant differences to reach a deal to avert the US going over the "fiscal cliff" that will result in tax hikes and spending cuts.
His comments came as talks ended with no resolution. Reid said the negotiations will continue later today.
There are still significant differences between the two sides. There is still time left to reach an agreement and we intend to continue negotiations.
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.