(Bloomberg) Time is running out for U.S. lawmakers and President Barack Obama to agree on a budget deal by year end to avoid triggering more than $600 billion in tax increases and spending cuts, Sen. Joseph Lieberman said on Sunday.

In the aftermath of House Speaker John Boehner's failure to garner support from his caucus for "Plan B," which would have extended tax cuts on incomes below $1 million, the odds are that both parties won't be able to reach an agreement, Lieberman, a retiring Connecticut independent, said on CNN's "State of the Union" program. He said Senate leaders now must take charge of resolving the budget stalemate or risk going over the so-called fiscal cliff.

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