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Of course, that's the other big issue in this fiscal cliff standoff. we have team fox coverage. mike emanuel is live on capitol hill. but first to ed henry at the white house. ed, it looks as if we are taking the plunge. >> it does, trace. but what i think the white house is hoping here tonight is that lawmakers are going to have some framework by midnight tonight that basically says votes as soon as tomorrow or maybe even in early wee hours, 1:00 a.m., 2:00 a.m. to start moving forward on this so at least the markets get the signal that they will retroactively make sure that the tax rates don...

Gains and dividends. but for families and individuals who make higher than those treasure holds, more than that, their capital gains and dividend rates would go up to 20% under this deal, trace. >> trace: meantime the treasury department reports the u.s. has just hit its borrowing limit. peter, what's the response on that? >> the 16.4 trillion-dollar debt ceiling, the treasury department announced today that it, in fact, hit it as it had, today as it had warned last week. but it does not mean that the government will stop paying its bills. la the treasury secretary told congress that by playin...

Before they decide whether they are definitely going to vote for an eventual package. trace. tras trace but then, mike, you have these democrats who say they don't really love the deal. >> that's absolutely correct there are a lot of people on the left who heard president obama during the campaign saying that he wanted to raise income taxes on those making more than $200,000 as an individual or 250 as a family. they don't like moving up this number they had hearts set on getting more income from the upper income earners. >> somehow the democrats have agreed to raise the level of from $250,000 ...

Peter barnes live for us at the white house. thank you. as we had reported sources said lawmakers have agreed to let tax cuts expire for some the wealthiest americans as part of their framework for avoiding the fiscal cliff. but spending cuts still very much up in the air. team fox coverage continues with rich edson on capitol hill. rich, what's the latest on that framework. >> trace, in just a few hours, tax rates across the board are scheduled to increase. this proposal deals with it. this is the framework that senators have been discussing here. families would pay the same income tax rates ...

Most. >> the bottom line tonight is both sides believe that there is a deal on the tax side of the fiscal cliff avoiding that, that you extend tax cuts basically for anyone making 450,000 or below. but the sequestration side of this in terms of the massive automatic spending cuts, they are very much up for grabs right now. and that is the big reason why we do not have a deal that is signed, sealed and delivered, trace. >> trace: ed henry live for us at the white house. of course, tomorrow is a federal holiday. analysts say that gives congress a little extra time to undo the damage from going o...