Bipartisan congressional leaders spoke to reporters outside the White House after meeting with President Obama about the “fiscal cliff.” All four described the meeting as “very constructive.” House Speaker John Boehner said he outlined a framework during the meeting for moving forward. Senate Majority Leader Harry Reid said he could see the “cornerstones” of a deal, and vowed that work would continue through the Thanksgiving recess in order to reach agreement before the end of December.
The “fiscal cliff” referred to impending tax increases and budget cuts at the end of 2012 if Congress failed to reach a new budget agreement.