Fiscal Cliff

McConnell: We Are Very, Very Close

Happy New Year, everyone—Washington is closer to a fiscal-cliff deal. Just before 3 p.m., following a promising speech by President Obama, Senate Minority Leader Mitch McConnell announced that Congress is "very, very close" to reaching a deal. "I can report that we've reached an agreement on all the tax issues," he said. Obama said he is hopeful that Congress would approve an agreement that will increase taxes on the wealthiest 2 percent of Americans, but prevent a tax hike for the rest of the country.