President Obama to talk fiscal cliff

President Barack Obama is scheduled to speak at 1:30 p.m. on the fiscal cliff.

Sources are saying Democrats and Republicans have agreed to raise taxes on family income over $450,000, increase the tax rate and extend unemployment benefits for a year. They are at an impasse over whether to put off automatic, across the board spending cuts set to take effect on Jan. 1, and if so, how to pay for that.

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