My favorite part of tonight’s fiscal cliff wrap:

In a tremendous irony, Republican requests for lower tax rates, a high estate tax threshold, and a permanent AMT fix; combined with Democratic requests to delay the sequester, include a “doc fix” for Medicare physicians, and extend emergency unemployment benefits; have left the parties negotiating toward a plan that would result in no net deficit reduction over 10 years, according to Senate Majority Whip Dick Durbin.

Senate Republicans are backing off a last-ditch effort to include a Social Security cut in an eleventh-hour fiscal cliff deal.

We’ve seen these budget talks break down so many times now that it’s hard to get too exercised about it, including today, when there’s almost no time left for negotiators to reach even a modest accommodation.

The drama might be more pitched if the consequences of blowing past the tax and sequestration deadlines were more immediate and onerous, but realistically if everything falls apart tonight and tomorrow, it can be put back together again fairly quickly next year.

What we’re witnessing in these waning hours, though, reveals a lot about the current balance of power in Washington, and the way the parties are responding to the outcome of the election. Read More

McConnell reaches out to Biden for help as talks again break down.