Kyl: There's Progress in Fiscal Cliff Talks

U.S. Senator Jon Kyl on Monday said a "lot of progress" has been made in talks to avert the "fiscal cliff" but he cautioned that it is unclear if the progress will spur legislation the Senate can vote on before a midnight EST/0500 GMT deadline when taxes and spending cuts kick-in.

"There is no agreement yet," Kyl said. "Conversations are still ongoing. There has been a lot of progress."

Asked how long talks could go on, Kyl said: 'I guess until 11:59."