Washington — Congressional leaders are expressing confidence they can reach a deal with President Barack Obama to head off the "fiscal cliff" and the risk of a new recession.
The top members of the House and Senate spoke at the White House after a closed-door 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, "We all know something has to be done."
Obama: 'Lives Have Been Saved' by NSA Programs
Obama: Friction in Afghan Talks No Surprise
Unusual Heat Wave Bakes Alaska
Raw: Massive Protests Fill Brazilian Streets
Raw: German President Welcomes President Obama
Fans Cheer Dramatic Heat Comeback
Raw: Arizona Wildfire Scorches 8 Square Miles
Hoffa Mystery Still Fascinates After 4 Decades
Raw: 1 Dead in Shooting at Mo. Apartment Complex
Raw: Huge Fire Near Yosemite National Park
3 Charged in Ohio With Enslaving Mom, Daughter
Raw: Volcano Erupts Near Mexico City
Kid Couture: Spending Big Bucks on Babies
Suicide Bombs Target Baghdad Mosque, Killing 29
Military Plans to Put Women in Combat Jobs
Solar Power Chargers in NYC Parks
Civil Rights Groups Sue NYPD Over Muslim Spying
RAW: NSA Director Says 50 Plots Foiled
