Debt Negotiations Begin

Compromise is suddenly the watchword in Washington, as negotiations over taxes, spending and entitlements begin in advance of another self-imposed deadline, popularly known as the "fiscal cliff."

President Obama reassured leaders of labor and progressive groups on Tuesday that he will not yield to Congressional Republicans and extend Bush-era tax cuts for the wealthiest Americans as he negotiates for a deficit-reduction plan to avoid looming tax increases and spending cuts.