Senate Will Work Through Weekend Dealing with Fiscal Cliff

Don't hold your breath looking for spending cuts

After meeting President Obama at the White House, Senate leaders said Friday they will work through the weekend and bring senators back into session on Sunday, in hopes of approving an agreement to protect taxpayers, the unemployed and the nation's economy from the worst effects of the "fiscal cliff."

"I'm hopeful and optimistic," said Senate Minority Leader Mitch McConnell (R-Ky.)

At the White House, Senate Majority Leader Harry Reid (D-Nev.) and McConnell agreed to try to move forward with a stripped down package that would avert the worst economic effects of the fiscal cliff.