Differences remain on fiscal cliff, time running out: Reid

Mon Dec 31, 2012 11:19am EST

Senate Majority Leader Harry Reid (D-NV) leaves the Mansfield Room after a caucus meeting at the U.S. Capitol in Washington December 30, 2012. REUTERS/Mary Calvert

Senate Majority Leader Harry Reid (D-NV) leaves the Mansfield Room after a caucus meeting at the U.S. Capitol in Washington December 30, 2012.

Credit: Reuters/Mary Calvert

Senate Majority Leader Harry Reid said on Monday that congressional negotiators still need to bridge differences in last-ditch talks to avert a New Year's Day tax hike on most Americans.

"Discussions continue today on a plan to protect middle-class families from a tax increase tomorrow. There are a number of issues on which the two sides are still apart but negotiations are continuing as I speak," Reid, a Democrat, said on the Senate floor.

"We really are running out of time. Americans are threatened with a tax hike in just a few hours."

(Reporting by David Lawder; Editing by Bill Trott)

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