The moon rises behind the U.S. Capitol Dome in Washington as Congress works into the late evening, Sunday, Dec. 30, 2012 to resolve the stalemate over the pending "fiscal cliff." (AP Photo/J. David Ake)
The moon rises behind the U.S. Capitol Dome in Washington as Congress works into the late evening, Sunday, Dec. 30, 2012 to resolve the stalemate over the pending "fiscal cliff." (AP Photo/J. David Ake)
Senate Minority Leader Mitch McConnell, R-Ky., followed by Sen. Pat Roberts, R-Kan., second from right, leaves the Senate chamber to meet with fellow Republicans in a closed-door session as the "fiscal cliff" negotiations continue at the Capitol in Washington, Sunday, Dec. 30, 2012. Leaders in the Senate and the House are under pressure to find a legislative path to head off the automatic tax hikes and spending cuts set to take effect Jan. 1, 2013. (AP Photo/J. Scott Applewhite)
Senate Majority Leader Harry Reid, D-Nev., walks to a closed-door meeting with fellow Democrats as he and Senate Minority Leader Mitch McConnell, R-Ky., work to negotiate a legislative path to avoid the so-called "fiscal cliff," at the Capitol in Washington, Sunday, Dec. 30, 2012. Senate and House leaders are rushing to assemble a last-ditch agreement to stave off middle-class tax increases and possibly delay steep spending cuts in an urgent attempt to find common ground after weeks of gridlock. (AP Photo/J. Scott Applewhite)
Sen. Charles Schumer, D-N.Y., third ranking in the Senate Democratic leadership, speaks on his cell phone following a closed-door caucus at the Capitol in Washington, Sunday, Dec. 30, 2012 to discuss how to avoid the "fiscal cliff" of automatic tax increases and deep spending cuts that could kick in Jan. 1. (AP Photo/J. Scott Applewhite)
WASHINGTON (AP) ? Democrats and Republicans say signs of progress are emerging in urgent negotiations to avert the looming 'fiscal cliff' ahead of a midnight deadline.
A person familiar with the negotiations says Democrats have offered to extend tax cuts for families making up to $450,000 a year and individuals making up to $400,000. President Barack Obama originally wanted the tax cuts to be extended only for families making up to $250,000 a year.
Unless an agreement is reached and approved by Congress by the start of New Year's Day, more than $500 billion in 2013 tax increases will begin to take effect and $109 billion will be carved from defense and domestic programs
The person familiar with the talks requested anonymity in order to discuss the internal negotiations.
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