Congressional leaders confident of deal to avoid fiscal cliff
The Associated Press
Published Friday, November 16, 2012 7:21AM EST
Last Updated Friday, November 16, 2012 11:18PM EST
WASHINGTON -- U.S. congressional leaders are expressing confidence they can reach a deal with President Barack Obama to head off the so-called "fiscal cliff" and the risk of a new recession.
The top members of the House and Senate spoke at the White House after a session with Obama. At issue is a series of tax increases and spending cuts that could undermine the economy and slow job creation starting Jan. 1.
House Speaker John Boehner and Senate Minority Leader Mitch McConnell both said they offered higher tax revenue as part of a deal. Boehner said he outlined a framework that is consistent with Obama's call for a balanced approach of both higher revenue and spending cuts.
Senate Majority Leader Harry Reid said, quote, "We all know something has to be done." Stocks on Wall Street rose after the meeting.