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Futures dip as US hurdles toward fiscal cliff

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President Barack Obama waves as he steps off the Marine One helicopter and walks on the South Lawn at the White House in Washington, Thursday, Dec. 27, 2012, as he returned early from his Hawaii vacation for meetings on the fiscal cliff. (AP Photo/Charles Dharapak)

NEW YORK (AP) — Stock futures are moving lower ahead of a last-ditch effort by the White House and GOP congressional leaders to hash out a budget deal before a year-end deadline strikes.

Dow Jones industrial futures are down 45 points to 12,958. The broader S&P futures have lost 5.2 points to 1,405.50. Nasdaq futures are down 10.75 points to 2,611.75.

Though many lawmakers say they are open to last-minute offers, few expect any offers of substance this late.

Top congressional leaders are meeting Friday afternoon for the first time since Nov. 16 and the House convenes Sunday evening, with one day remaining in 2012.

If no deal is reached, a slate of simultaneous tax hikes and spending cuts will automatically be set in motion and threaten to push the economy back into recession.