President Barack Obama pauses as he speaks to reporters about the fiscal cliff in the Brady Press Briefing Room at the White House in Washington, Friday, Dec. 21, 2012. (AP Photo/Charles Dharapak)
December 21, 2012 - 1:38 PM
WASHINGTON - President Barack Obama is meeting with Senate Majority Leader Harry Reid to discuss a way to avoid the fiscal cliff. The president plans to make remarks at the White House following their meeting.
A White House official says that Obama and Reid are discussing the next steps needed to avoid across-the-board tax increases and steep spending cuts scheduled to kick Jan. 1. Economists fear the combination could deliver a blow to the U.S. economy.
The meeting comes a day after House Speaker John Boehner abandoned efforts to pass his own proposal in the House to avoid the so-called fiscal cliff.
Obama and Boehner had been negotiating a large deficit reduction package with tax increases and spending cuts, but those talks hit a standstill with only days to find a resolution.
News from © The Associated Press, 2012