Time for your Saturday Fiscal Cliff update, folks, and the news is not promising, since key players are bandying words like "hostage" and "bait-and-switch."
In his weekly address, Obama claimed that Republicans are creating a hostage crisis, and called on his supporters to get in the ring:
"It's unacceptable for some Republicans in Congress to hold middle class tax cuts hostage simply because they refuse to let tax rates go up on the wealthiest Americans," said President Obama.
"If you agree with me, then I could use your help. Let your congressman know what $2,000 means to you. Give them a call. Write them an email. Or tweet them using the hashtag 'My2K.'"
Meanwhile Republican Rep. Orrin Hatch released a strongly-worded statement denouncing Obama's plan, calling it "a classic bait-and-switch on the American people."