Harry Reid: We’re Headed Over the Fiscal Cliff

Senate Majority Leader Harry Reid says the government appears headed over the so-called fiscal cliff because of a lack of progress in bipartisan negotiations.

The Nevada Democrat says it's up to congressional Republicans to come up with a plan that both houses would pass and President Barack Obama would sign.

Reid says of missing the Dec. 31 deadline to avoid the fiscal cliff, quote: "it looks like that's where we're headed."

Major tax hikes and spending cuts will hit most Americans if Congress and the White House don't reach a compromise by the year's end.

Copyright 2012 The Associated Press.