Obama meets Reid on fiscal cliff, plans remarks

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.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/89ae8247abe8493fae24405546e9a1aa/Article_2012-12-21-US-Fiscal-Cliff-Obama/id-5ddb6262e21d4477afc51d936150c3a5

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