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UNITED STATES -- "The hour for immediate action is here. It is now.'"

President Obama gave an update on the so-called fiscal cliff. So far, no progress has been made by lawmakers, though the President says his meeting with Congressional leaders Friday was productive.

Obama says Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell are discussing a deal. Without an agreement by the end of this weekend, the president is demanding a vote on his own plan...

"One that protects the middle class from a tax hike, extends unemployment to two million Americans and lays the ground work for more growth and deficit reduction," Obama said.

If a deal is not reached by the New Year, Americans will see an increase in their taxes, and see cuts to services.