AP Sources: 'Fiscal cliff' deal emerging

WASHINGTON (AP) — Working with Congress against a midnight deadline, President Barack Obama said Monday that a deal to avert the "fiscal cliff" was in sight but not yet finalized. The emerging deal would raise tax rates on family income over $450,000 a year, increase the estate tax rate and extend unemployment benefits for one year.

"There are still issues left to resolve but we're hopeful Congress can get it done," Obama said at a campaign-style event at the White House. "But it's not done."

The parties were at an impasse over whether to put off the automatic, across-the-board spending c...