President Obama to make statement on fiscal cliff
|Updated: 12/21/2012 3:38 pm
||Published: 12/21/2012 3:37 pm
WASHINGTON (AP) - 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.
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