Stock futures on Wall Street are tracking lower as the clock ticks down on the White House and Congressional leaders to reach a budget deal before a year-end deadline.

Ahead of the U.S. market open, Dow Jones Industrial Average futures were off 45 points to 12,958. The broader S&P futures lost 5.2 points to 1,405.50. Nasdaq futures declined 10.75 points to 2,611.75.

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

Global markets are watching the so-called fiscal cliff negotiations closely.

In Europe, major benchmarks Friday hovered around the flat line in anticipation of budget-related news. However, markets in Asia ended the trading day in that region higher.

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

USA Today