(LANHAM, Md.) — The Associate Press is reporting that a Fiscal Cliff deal is emerging.

Details of the deal include raising taxes on couples making more than $450,000 and extending unemployment benefits for one year, according to AP.

This possible deal comes just hours before the midnight deadline and after months of talks between Congress and President Barack Obama.

President Obama is expected to give an update on the progress of the negotiations at 1:30 p.m. Monday.

Check back for more details as we continue to follow this story…