Where We Stand on the Fiscal Cliff

President Barack Obama delivers remarks on the fiscal cliff (December 31, 2012)

President Barack Obama delivers remarks on the fiscal cliff and a balanced approach to the debt limit and deficit reduction during a middle class My2K event in the Eisenhower Executive Office Building South Court Auditorium, Dec. 31, 2012. (Official White House Photo by Chuck Kennedy)

This afternoon, President Obama offered an update about where negotiations stand on the so-called fiscal cliff.

"Today it appears that an agreement to prevent this New Year's tax hike is within sight, but it's not done," he said. "There are still issues left to resolve, but we're hopeful that Congress can get it done."

The President also reiterated that his immediate priority is to stop taxes from going up on middle-class families.

"I think that is a modest goal that we can accomplish," he said. "Democrats and Republicans in Congress have to get this done, but they’re not there yet."

Watch President Obama's full remarks here.

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