Obama back in town, "cliff" clock ticks

U.S. President Barack Obama cuts short his Hawaiian vacation returning to Washington in an attempt avert a fiscal cliff.

The hope is to spur Congress to resume talks -- and prevent the economy from dipping into another recession.

Senate Majority leader Harry Reid fears the worst.

10. (SOUNDBITE) (English) U.S. SENATE MAJORITY LEADER HARRY REID SAYING:

"If we go over the cliff, and it looks like that's where we are headed--, Mr. President, the House of Representatives, as we speak, with four days left after today, before the first of the year, aren't here with the Speaker having told them, they'll have 48 hours notice. I can't imagine their consciences. They are out, wherever they are around the country, and we are here trying to get something done."

Reid is calling on the House leadership to get behind a Senate bill to extend existing tax cuts for households earning less than $250,000 a year.

Senate Minority Leader Mitch McConnell says he's waiting to hear proposals from the White House.

"We will see what the president has to propose. members on both sides of the aisle will review it and then we will decide how best to proceed. Hopefully there is still time for an agreement of some kind. that saves the taxpayers from a wholly wholly preventable economic crisis."

House Leaders have now scheduled a session for Sunday in the early evening, just a day before the December 31st deadline for reaching a deal.