The Senate becomes the focus of any potential fiscal cliff deal, while House Republican leaders agree to bring their members back to Washington in coming days. Senate Minority Leader McConnell says there may be signs of progress in reaching a deal as the calendar draws closer to the start of 2013, when Bush-era tax rates are set to expire and the Obama administration is set to announce how it will implement spending cuts across the federal government. However, while the announcement of House Republicans' plans to return is a cause for optimism regarding the negotiations, Senate Majority Leader Reid is skeptical that a deal could be cobbled together and approved quickly.
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