Obama, Congressional Leaders Upbeat After Fiscal Talks
November 16, 2012
President Barack Obama and congressional leaders struck an upbeat tone following the opening round of talks about avoiding the so-called fiscal cliff, and deep, across-the-board defense cuts.
The Nov. 16 talks came 46 days before massive cuts to planned federal domestic and defense programs would kick in unless Congress sends the president a $1.2 trillion deficit-reduction plan he is willing to sign. If lawmakers and Obama fail, a $500 billion, decade-spanning cut to planned military spending would take effect Jan. 2.
In a statement issued shortly after the first round of talks, the White House called the negotiations “constructive,” adding Obama and the leaders of the House and Senate “agreed to do everything possible to find a solution that averts the so-called fiscal cliff.”