AS THE FISCAL CLIFF TURNS: Will Congress be home in time for Christmas? House Minority Leader Nancy Pelosi thinks so — with a grand bargain wrapped under the tree. Others are not so optimistic. Senate Majority Leader Harry Reid and House Majority Leader Eric Cantor both think a deal happening before the holiday is unlikely and have warned their colleagues that they may be spending the holidays stuck in Washington. Tune in tomorrow to see what happens next.

LEAD NOW: No Labels Co-Founder Jonathan Miller says, "The American people are tired of short-term solutions that fail to solve any actual problems. We need real leadership in this country that can find a way to get things done." He lists No Labels' five pillars ofleadership — 1) Tell people the full truth 2) Govern for the future 3) Put the country first 4) Take responsibility 5) Work together — as the best way to get a deal done: Jonathan Miller for The Huffington Post: America Needs Leadership … Now
FARM BILL STALLS: The House and Senate Agriculture Committees are scrambling to reach an agreement on the Farm Bill. “I was a very hopeful fellow a few days ago. I’m becoming pessimistic,” says House Agriculture Committee Chairman Frank Lucas. Consumers will feel the effects if members can't reach a deal — with nothing in place, milk prices will double next year: David Rogers for POLITICO: Farm bill talks stumble, milk prices at risk
BUDGET DEALS: Third Way thinks there are seven grand bargain solutions that could garner across-the-aisle support. Each solution includes a roadmap of what each side needs to do in order to reach a deal: Jim Kessler, Jonathan Cowan and Ed Gerwin for Third Way: The Bargain
LETTERS TO THE EDITOR: Citizens continue to spread the word about No Labels in their local papers. "No Labels is calling for a new understanding of leadership," writes Joseph Candela II in the Orange County Post Sentinel. "To solve problems, No Labels wants President Barack Obama and congressional leaders to stop the rhetoric and agree on the same set of facts, govern for the future, not the next election, put country before party and live up to the obligations of leadership and work together to solve problems," Arnold Sherman writes in The Baltimore Sun.
THE DAILY BREAK: Check out TIME's best photojournalism of 2012.
STAT OF THE DAY: The National Federation of Independent Business' index of small business optimism plummeted 5.6 points to 87.5. That is near the lowest levels optimism has been since the index was created 26 years ago: Neil Irwin for The Washington Post: Small businesses are freaking out about the fiscal cliff. Why that matters.
Written & edited by Kelsey McLaughlinCollin BerglundLauren Gilbert and Jack McCullough

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