U.S. Senate Leaders to Make Last-ditch 'Fiscal Cliff' Effort

With only days left to avoid steep tax hikes and spending cuts that could cause a recession, two Senate veterans to try to forge a deal that has eluded the White House Congress for months.

U.S. President Barack Obama and American congressional leaders agreed on Friday to make a final effort to prevent the United States from going over the "fiscal cliff," setting off intense bargaining over Americans' tax rates as a New Year's Eve deadline looms.