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Biggest sticking point said to be how to deal with more than $600 billion in automatic spending cuts.
As budget deadline approaches, there's little sign of action on the Hill.
President now asks for $1.4 trln in tax hikes, down from $1.6 trln.
Reid laments lack of progress toward a deal.
Boehner describes todays White House meeting as constructive.
Cap could serve as part of the resolution for the looming fiscal cliff.