(CNN) -- Senate Republicans and Democrats remain far apart in their effort to avert a year-end combination of spending cuts and tax increases that could trigger a new recession, Majority Leader Harry Reid said Sunday. "There's still significant distance between the two sides, but negotiations continue," Reid said as Congress held a rare Sunday session in a bid to avoid the so-called fiscal cliff. "There's still time left to reach an agreement, and we intend to continue negotiations." No votes will be held Sunday, but Reid said there may be further announcements when the Senate reconvenes Monday morning: "I certainly hope so."
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NEW: McConnell and Biden are main negotiators now, sources on both sides say
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"There's still significant distance between the two sides," Reid says
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Obama calls on GOP to cut a deal on taxes; Republicans argue Obama is overspending
Reid said earlier that @placeholder has shown "absolutely good faith" in the talks, but "it's just that we are apart on some pretty big issues."