Obama fiscal cliff conference december 21 2012

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President Obama signaled Friday that a deal would not be reached on the fiscal cliff before Christmas.

President Obama will return to Washington on Wednesday night up against the fiscal cliff deadline.

A tentative deal has emerged out of fiscal cliff negotiations, with parties agreeing to raise taxes on families with incomes over $450,000 a year.

US President Barack Obama walks across the South Lawn of the White House before departing December 20, 2012 in Washington, DC.

Chip Somodevilla

AFP/Getty Images