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Sens. Reid & McConnell Work Over Weekend to Avoid 'Fiscal Cliff', President Offers Scaled-Back Plan

Washington, DC
Saturday, December 29, 2012

President Obama and congressional leaders of both parties met at the White House Friday to discuss the so-called "fiscal cliff."  The group agreed that the next step should be the Senate taking bipartisan action.

The President stated in a press briefing late Friday that he was 'modestly optimistic.'  He also said that if Senate lawmakers cannot work out a deal than he has offered a scaled-back package that the Senate could present on the Floor for "a simple up or down vote."

On the Senate Floor, Senate Majority Leader Harry Reid (D-NV) described the talks as "a very positive meeting."

According to House Speaker John Boehner's (R-OH) office, "The leaders spent the majority of the meeting discussing potential options and components for a plan that could pass both chambers of Congress."  Boehner's office also stated that the "Speaker told the President that if the Senate amends the House-passed legislation and sends back a plan, the House will consider it - either by accepting or amending."

The Senate and House will not be in session on Saturday but both chambers will meet on Sunday.  The Senate will debate a couple of executive nominations and take votes.  In a statement Thursday, Majority Leader Eric Cantor (R-VA) offered that the House may stay in session through Wednesday, January 2, the last day of the 112th Congress.

Updated: Monday, December 31, 2012 at 3:39pm (ET)

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