By Kerry Young and Paul M. Krawzak, CQ Staff

The bipartisan senators who comprise the so-called Gang of Eight met Wednesday and will do so again Thursday, using the October recess as an opportunity to hold lengthy, in-depth talks about the fiscal cliff — an approaching combination of expiring tax rates and slated budget cuts.

“The senators are continuing to meet to find a workable solution and hope devoting these past days will allow them to take a deeper dive than they’ve been able to during previous meetings — which were more formal, structured and often interrupted by votes, committee hearings or other scheduling matters that arise during session,” a GOP aide said.

Spearheaded by Mark Warner, D-Va., the group has been working for months to develop a plan to deal with the impending expiration of current tax laws, first passed in the Bush administration and extended by President Obama (PL 107-16; PL 108-27; PL 111-312), and avoid the automatic across-the-board spending cuts, or sequester, that was laid out in last summer’s debt limit deal (PL 112-25).

The three-day session started Tuesday afternoon, with all members present except Senate Majority Whip Richard J. Durbin, who participated by conference call. Participants, including Durbin, met in person on Wednesday. They were expected to dine together after Wednesday’s session, and conclude their meetings on Thursday.

Aides have been highly reticent to reveal details about the current discussions, which are being held at Virginia’s Mount Vernon.

This group originally started as the Gang of Six, with Warner working with Republicans Saxby Chambliss of Georgia, Tom Coburn of Oklahoma and Michael D. Crapo of Idaho and Democrats Kent Conrad of North Dakota and Durbin of Illinois. The group has been expanded recently to include Michael Bennet, D-Colo., and Mike Johanns, R-Neb.

There’s little expectation of an announcement anytime soon from the Gang of Eight about a detailed budget plan or a draft bill outlining a major overhaul of federal finances. The Gang of Six last year released an outline that sought to cut the deficit by $3.7 trillion over a decade, with a primary focus on spending reductions to achieve those savings and some contribution from new revenue as part of a tax code overhaul. But the group never introduced even a draft bill.

To some extent, it may not be their role to do so. Whatever legislation Congress eventually considers regarding new tax laws and major spending cuts will certainly be a product worked out by leaders in both chambers, with the help of the Senate Finance and House Ways and Means committees.

But the Gang of Eight may make some contribution toward the efforts that Congress eventually takes toward a major budget overhaul, or “grand bargain.” Finding consensus within this disparate group may help guide leadership in crafting legislation with the potential to move through the Senate.

Coburn and Durbin thrilled many budget experts in 2010 when they each voted to back the proposal put forth by the Simpson-Bowles deficit commission, with Durbin, a liberal Democrat, taking flack for allowing consideration of changes to entitlements and Coburn, a conservative, agreeing to potential increases in some tax revenues.

There have been no serious efforts to put forward a major fiscal overhaul before the election, with lawmakers waiting to see how the November contests turned out for their parties and to learn who will control the White House in 2013.

“It’s fruitless to try to get solid and concrete agreements at this point,” another GOP aide said last week.

But lawmakers aren’t ignoring the fiscal cliff during the delay imposed by the election, the GOP aide said. Instead, there’s a steady buzz of activity in both chambers as lawmakers try to figure out what a grand bargain might look like.