Senators Trade Proposals Into Night To Avoid 'Fiscal Cliff'

Reid, McConnell Set 3 p.m. Cliff Deadline
Senate Majority Leader Harry Reid of Nev. leaves the White House in Washington, Friday, Dec. 28, 2012, after a closed-door meeting between President Barack Obama and Congressional leaders to negotiate the framework for a deal on the fiscal cliff. The end game at hand, President Barack Obama and congressional leaders made a final stab at compromise Friday to prevent a toxic blend of middle-class tax increases and spending cuts from taking effect at the turn of the new year. (AP Photo/ Evan Vucci)
Senate Majority Leader Harry Reid of Nev. leaves the White House in Washington, Friday, Dec. 28, 2012, after a closed-door meeting between President Barack Obama and Congressional leaders to negotiate the framework for a deal on the fiscal cliff. The end game at hand, President Barack Obama and congressional leaders made a final stab at compromise Friday to prevent a toxic blend of middle-class tax increases and spending cuts from taking effect at the turn of the new year. (AP Photo/ Evan Vucci)

Senate negotiators labored late into Saturday over a last-ditch plan to avert the "fiscal cliff," struggling to resolve key differences over how many wealthy households should face higher income taxes in the new year and how to tax inherited estates.

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