'Fiscal cliff' talks continue over weekend, no breakthrough


US President Barack Obama walks across the South Lawn upon return to the White House on December 27, 2012 in Washington, DC. Obama returned to Washington under pressure to forge a year-end deal with Republicans to avoid the tax hikes and spending cuts of the "fiscal cliff."



Negotiations over the so-called "fiscal cliff" continued over the weekend focusing on spending cuts, taxes and the farm bill.

Sources close to the talks told Politico there is still no sign of a breakthrough.

President Barack Obama met with Congressional lawmakers in a 65-meeting meeting at the White House Friday and called the discussions "moderately optimistic."

The President and members of Congress are trying to hammer out a deal before January 1, to avoid automatic spending cuts and tax increases.

More from GlobalPost: No deal after meeting between Obama and Congressional leaders

Congress returns on Sunday, and the Senate leaders could present a deal but, according to ABC News, there is no concrete proposal as of yet.

Senate Majority Leader Harry Reid (D-Nev.), Minority Leader Mitch McConnell (R-Ky.) worked on Saturday with their aides to hammer out the details of a deal, Politico reported.

In his weekly radio address, Obama warned "we just can’t afford a politically self-inflicted wound to our economy,” the Hill wrote.