NEWSLINK: Obama, congressional leaders to meet

U.S. Capitol and Environs at Twilight

[Obama, congressional leaders to meet – UPI – Dec. 27, 2012 – click here for full article]

UPI, citing Politico, reports on a possible meeting between President Barack Hussein Obama and Congressional Leaders set for Friday, on looming automatic spending cuts and tax increases known as the “Fiscal Cliff”:

U.S. President Obama will meet with leaders of Congress to try to avert tax hikes and spending cuts set to take effect next week, a White House official said.

Citing an administration official it did not identify, Politico reported Thursday the White House meeting has been set for Friday.

The report came as House Republicans said they will call the House back into session Sunday to deal with the so-called fiscal cliff … House Majority Leader Eric Cantor, R-Va., tweeted the House would be back into session Sunday night, little more than a day before Bush-era tax cuts and deep spending cuts are scheduled to kick in.

“The House will return for legislative business on Sunday, December 30. First votes are expected at 6:30 p.m.,” Cantor said. He followed up, saying the House likely would be in session through Jan. 2.

Obama cut short his Hawaiian vacation and returned to Washington early Thursday. White House officials told reporters aboard Air Force One the president, while in Hawaii, called Boehner, Reid, House Minority Leader Nancy Pelosi, D-Calif., and Senate Minority Leader Mitch McConnell, R-Ky.

Prospects for a deal, however, apparently were bleak.

Boehner said last week the ball is in Democrats’ hands.

“What Obama has outlined as minimally acceptable to him doesn’t come within a country mile of passing either the House or the Senate,” a senior Republican aide told Politico of the president’s latest proposal. “No negotiation can change the fundamentals.”

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Reid predicted the country was headed over the fiscal cliff …

The spending cuts were set in place by the Budget Control Act of 2011, with timing on Jan. 1, 2013, that would coincide with the expiration of Bush II-era tax cuts. Some economists reportedly predict a deepening of the recession if the economy is subjected to those twin impacts at once, at this time.

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