As Fiscal Cliff Nears, All Eyes Turn to the Senate

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By Jonathan Oh

WASHINGTON (ABC NEWS) -- A fiscal-cliff fix went nowhere in the House. Now, the Senate will take its turn.

With just three days before their end-of-the-year deadline, Congress and the White House are hurtling toward the so-called "fiscal cliff." If no deal is struck by Monday night, taxes will automatically go up on both high earners and the middle class, and across-the-board spending cuts will go into effect.

Both sides still say there's no concrete plan on the table.

Congressional leaders of both parties met at the White House on Friday, a move that raised hopes for a fiscal cliff deal to beat the deadline. Participants described that meeting as productive, even if it didn't produce anything that looks like a deal.

"It was constructive," House Minority Leader Nancy Pelosi said of the meeting with President Obama, House Speaker John Boehner, Senate Majority Leader Harry Reid, and Senate Minority Leader Mitch McConnell. "Candor is constructive, and I think it moved us forward, but we'll see.

"I would say the president led in that direction of saying, 'the speaker says we need to hear from the Senate, so let's have the Senate put something together, and see where that takes us,'" Pelosi said.

To read more on this developing story, website readers click here for ABC News' continuing coverage.

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