Posted: Dec 27, 2012 11:18 PM
Source: Associated Press
WASHINGTON - With the "fiscal cliff" clock winding down, President Barack Obama will meet with congressional leaders at the White House on Friday.
The last-minute gathering will apparently attempt to reach a compromise to avoid a year-end across-the-board tax increases and deep spending cuts. Word of the meeting came after the president returned early from a family vacation in Hawaii.
An aide to Senate Republican Leader Mitch McConnell said the Kentucky lawmaker "is eager to hear from the president." A spokesman for House Speaker John Boehner issued a statement that said the Ohio Republican would attend. Boehner also says the House will reconvene in a rare Sunday session.
While there is no guarantee of a compromise, Republicans and Democrats said privately elements of any agreement would likely include an extension of middle class tax cuts with increased rates at upper incomes as well as cancellation of the scheduled spending cuts.