That means that technically, the U.S. will go over the fiscal cliff once the clock strikes midnight on New Years.
According to CBS News, House Republicans have been informed by GOP leadership that there will be no vote at least until the House reconvenes on New Year's Day.
The President gave a speech earlier on New Year's Eve indicating he felt Congress was close to a deal.
Senator Robert Casey (D-PA) echoed President Obama's words during an interview with WTAJ.
Casey said the deal will likely consist of something that would preserve middle-class tax cuts, while letting other Bush-era tax cuts expire, but he added details were still being worked out on a final number.
Casey also lamented what he felt was an intense period of grid-lock in Washington.
"There's too much partisanship here, there's too much last minute deal making," said Casey. "It's really frustrating."
Over in the House of Representatives, Rep. Glenn Thompson (R-PA) told WTAJ he looks forward to seeing the Senate's final proposal.
"My goal is to avoid making this recession worse," Thompson said. "I think that will occur if any taxes get raised, but let's see what they send us."
The House is slated to reconvene Tuesday at noon.