Memphis, Tenn., is the poorest city in the country, according to the U.S. Census. And Mayor AC Wharton worries that inaction on the fiscal cliff would have a drastic impact on already cash-strapped residents.

President Obama and lawmakers have left Washington for Christmas. But with no fiscal cliff deal in sight, Congress may end up with a working holiday.

It was called "Plan B" -- a way to avoid some of the tax increases that are part of the fiscal cliff without putting together a broad bipartisan deal before the New Year.

President Obama made a new offer to the Republicans yesterday in the fiscal cliff negotiations. The President said he’ll extend Bush era tax cuts for households making less than $400,000, he’d previously drawn the line at $250,000.