Negotiations and the 'Fiscal Cliff'

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Three weeks after the election, there's been only one high-level meeting about the "fiscal cliff," despite warnings about a return to recession.  What are the prospects of both parties reaching a deal?  Would it be so bad if they didn't? Also, a mass rally in Egypt against President Morsi, and the exhumation of Yasser Arafat's remains.

Banner image: President Barack Obama (2nd R) meets with (L-R) Treasury Secretary Geithner, House Speaker Boehner and Senate Majority Leader Reid to discuss the fiscal cliff and a balanced approach to the debt limit and deficit reduction, November 16, 2012. Official White House Photo by Pete Souza