In the waning hours of 2012, congressional Republicans and President Obama are still apparently trying to hammer out some agreement to avoid massive tax increases and spending cuts across the board coming January 1, 2013 if they fail to act.

Report from Fox News:

President Obama and congressional leaders were preparing to make a last-ditch try for a deal — or at least a plan — to avert the imminent fiscal crisis, with a high-stakes meeting scheduled at the White House for Friday afternoon just days before the deadline for action.

The meeting with Obama and the top four leaders on the Hill is their first since Nov. 16. The president has been pressing all sides to come together on a scaled-down package that can at least shield most Americans from a tax hike beginning next week.

But hope was fading for any agreement or legislation before Jan. 1, as accusations began to fly about who was to blame for a looming $500 billion tax increase.

Senate Democratic Leader Harry Reid said on the floor Thursday that “it looks like” the nation is going to miss the deadline.

I’m skeptical at this point that anything positive will come from this. I’d bet that a “deal” would more likely be reach next year.