FILE -- House Speaker John Boehner of Ohio, left, and President Barack Obama meet with congressional leaders in the Cabinet Room of the White House. (AP Photo/Carolyn Kaster)
WASHINGTON (AP) — The White House says President Barack Obama had a constructive meeting with congressional leaders on the looming "fiscal cliff" that could undermine the economy and slow job creation in the new year.
Obama met with the top leaders of the House and Senate for more than an hour Friday on ways to avert the cliff, a series of automatic tax increases and spending cuts scheduled to take effect Jan. 1. in the absence of intervening action.
White House Press Secretary Jay Carney said Obama and the legislative leaders "agreed to do everything possible to find a solution" and find a balanced approach to reduce the deficit that includes increased revenue favored by Democrats and spending cuts favored by Republicans.
Congressional leaders expressed confidence they could reach a deal before Christmas.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.