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Top Lawmakers Meet To Discuss Fiscal Cliff Options

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The top Democrats and Republicans in Congress are headed to the White House Friday to meet with President Barack Obama as the fiscal cliff deadline looms just days away, but there is little optimism a deal will get done in time.

House Speaker John Boehner, House Minority Leader Nancy Pelosi, Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell will sit down with Obama and Vice President Joe Biden.

The last time the president met with leaders in person was Nov. 16.

They'll try to hammer out a last-minute deal to avoid a series of spending cuts and tax increases that will kick in at the start of the new year.

If lawmakers fail to reach a deal, the non-partisan Congressional Budget Office predicts the U.S. will slip back into a recession and unemployment would rise up to about 9 percent.
The average middle class family would also see $2,200 more in taxes.

Boehner has called a rare special session of the House of Representatives for Sunday.

Also left unfinished is the $60 billion emergency disaster aid bill for states impacted by Hurricane Sandy.

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