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(SOUNDBITE OF SONG, "12 DAYS OF CHRISTMAS")

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As we head into the holiday season, political leaders are un-merrily locked in a battle over how to cut federal spending and raise revenue - and this could mean meddling with tax deductions that many Americans hold dear.

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So this week and next, we're taking a closer look at individual deductions and tax credits that might be on the chopping block.

(SOUNDBITE OF SONG, "12 DAYS OF CHRISTMAS")

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A new report out this morning finds women are still not making much progress moving up the corporate ladder. Only a small number of senior executives at Fortune 500 companies are women, and the nonprofit group Catalyst shows the number has not changed much in years. NPR's Wendy Kaufman reports.

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NPR's business news starts with a controversial battery buy.

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Let's take that idea of playing out a little further now. The budget standoff has been described in all sorts of dramatic terms. So we decided to look into what the great works of the stage can tell us about this debate over tax hikes and spending cuts, and how it will play out. Think of it as "The Fiscal Cliff for English Majors."

NPR White House correspondent - and English major - Ari Shapiro has this take.

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This is MORNING EDITION from NPR News. I'm David Greene.

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And I'm Renee Montagne.

The warnings have come from the White House, Western capitals and the U.N. Syria's president, Bashar al Assad, must not use chemical weapons against the rebels and his people.

Publicly, Syrian officials deny having a chemical stockpile. They insist they would never use one if they had one. But U.S. officials have said there are signs that the Syrian army is readying its chemical arsenal for use.

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President Obama and House speaker John Boehner have been holding private conversations about how to avoid the fiscal cliff, but still no deal. That has many in Washington talking about how it wasn't always so difficult to get things done. For some insight, we called John Danforth. He's a former Republican senator from Missouri and spent decades forging deals across the aisle, including the 1986 tax reform law under President Reagan. As he sees it, lawmakers aren't approaching the current problem from the right angle.

Lines of communication remain open in an effort to avert the automatic tax hikes and spending cuts known as the "fiscal cliff," according to the White House and House Speaker John Boehner.

If no deal is reached between now and the end of the year, would the consequences be that drastic?

To answer that question, let's imagine it's January and the nation has gone off the "fiscal cliff." You don't really feel any different and things don't look different, either. That's because, according to former congressional budget staffer Stan Collender, the cliff isn't really a cliff.

The Affordable Care Act, as passed by Congress in 2010, assumed that every low-income person would have access to health insurance starting in 2014.

That's when about 17 million Americans — mostly unmarried healthy adults with incomes up to 133 percent of poverty, or about $15,000 a year — would gain access to Medicaid.

Detroit officials face a tough vote Tuesday as they try to keep their city from going over its own "fiscal cliff." If the mayor and City Council cannot agree on a plan to reduce the city's budget deficit, state officials are poised to take away their power and assume total control over Detroit's finances.

It's been a continuing vicious cycle: Detroit's population exodus, lost tax revenue and chronic mismanagement have left the city burning through cash to the point where the state of Michigan has to provide funding to help the city meet payroll for the next few months.