With both parties still at odds, a tumble over the cliff looks likely.
The only thing that's likely to happen is a very rushed deal that fails to deliver significant changes to the pre-programmed tax hikes and spending cuts.
There were small signs of optimism out of Washington.
"The discussions are going very well," Republican Sen. Bob Corker told CNBC's "Squawk Box" early Monday morning, adding though that the agreement probably won't include significant moves on deficit reductions.
But Senate Majority Leader Harry Reid, D-NV, maintains that a deal is not likely.
"There is significant distance between both sides," Reid said Sunday night.
Lawmakers reconvened today (Monday) and will remain holed up on Capitol Hill perhaps late into the night.
Here's what to expect if we fall off the fiscal cliff.
What No Fiscal Cliff Deal Means
- Income taxes
- Investment Taxes
- Payroll taxes
- Estate and Gift Taxes
- The Alternative Minimum Tax
- The Doc Fix
- Unemployment Insurance
- Corporate Tax Breaks
- Sky-High Milk Prices
- Volatile Markets
Everyone knows both don't like uncertainty.
While it remains to be seen exactly how all of this will affect the recovering U.S. economy and struggling global markets, it looks like we will find out what life with no fiscal cliff deal is like.
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