No deal in Washington D.C. tonight on the fiscal cliff. The House punts vote, won’t meet until after the Monday midnight deadline. 

Politico has this update: 

Washington inched closer to a deal that would avert massive tax increases, but Congress will still fall short of passing legislation before a new year deadline, sending the country over the fiscal cliff at least temporarily as the two sides struggled to iron out the final details of a high-stakes package.

The main holdup right now: Automatic spending cuts poised to kick in during the year, which the two parties have vowed to reverse but have failed to broker an agreement over how to do just that.

Last-ditch negotiations between Senate Majority Minority Leader Mitch McConnell (R-Ky.) and Vice President Joe Biden — friends from two decades-plus of Senate service — produced an agreement to increase marginal income tax rates to 39.6 percent on individual income more than $400,000 and households that earn more than $450,000.

Read the full story.