White House to Host Meeting to Discuss Fiscal Cliff

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Congressional leaders of both parties will meet at the White House Friday afternoon with President Barack Obama to discuss potential common ground in crafting a deal to avert the "fiscal cliff," which would take place in four days, according to a CNN report.

The meeting will include the president, Vice President Joe Biden, as well as House Speaker John Boehner and House Minority Leader Nancy Pelosi. From the Senate will be Majority Leader Harry Reid and Minority Leader Mitch McConnell.

Republican heads announced the House will convene Sunday — one day before the cliff goes into effect — in a down-to-the-wire effort to vote on budget legislation, according to a CNBC report.

Previous attempts to reach a compromise have fallen short, with each side describing its rival party as unwilling to negotiate the matrix of tax increases and spending cuts necessary to begin narrowing the growing federal budget deficit.

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