Differences remain on US fiscal cliff, time running out-Reid

Mon Dec 31, 2012 11:15am EST

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U.S. 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."