As the negotiations to avoid the so-called "fiscal cliff" continue, House members met in their party caucuses and heard from groups of business leaders to discuss options for the budget.
House Republican leadership briefed reporters today following their meeting. House Speaker John Boehner (R-OH) said he will continue to work with the President to avert a political impasse. He also stressed that a balanced approach is required during negotiations.
The House Democratic caucus met with White House economic adviser Gene Sperling
In January 2013, the Bush-era tax-cuts will expire and a series of spending cuts mandated by the Budget Control Act of 2011 will begin, creating what analysts and economists are calling a "fiscal cliff."
The non-partisan Congressional Budget Office has estimated that the combination of tax increases and budget cuts could send the country into a recession.
Last week, congressional leaders met with the President to begin negotiations on a bill to continue at least some of the tax cuts and prevent the across-the-board spending cuts in favor of more targeted cuts. Following the meeting, House Speaker John Boehner (R-OH) told reporters that he would be open to considering revenue increases as part of a deal. He has later clarified that he hopes the revenue increases can come from reforming and simplifying the tax code, rather than allowing the tax cuts to expire for the highest earners, as the President proposes.