Obama: Immediate action needed on fiscal cliff

President Barack Obama says "the hour for immediate action is here" on a deal to avert the fiscal cliff. The president says he remains "optimistic"

President Barack Obama says

President Barack Obama says "the hour for immediate action is here" on a deal to avert the fiscal cliff. (12/28/12)

WASHINGTON - (AP) - President Barack Obama says "the hour for immediate action is here" on a deal to avert the fiscal cliff.

The president says he remains "optimistic" that an agreement can be reached in Congress before a looming year-end deadline to avoid tax increases and spending cuts.

If Congress can't reach a deal, the president says Congress should allow a vote on a basic package that would preserve tax cuts for middle-class Americans while extending unemployment benefits for the long-term jobless and working toward a foundation for a broader deal.

The president says an hourlong meeting Friday with congressional leaders was "good and constructive."

Senate leaders say they hope to reach a compromise that could be presented to lawmakers by Sunday, little more than 24 hours before the deadline.

advertisement | advertise on News 12

Trending Video

VIDEO: Chopper 12 over East Brunswick bus crash 1 VIDEO: Chopper 12 over East Brunswick bus crash
Chopper 12 over wreck that killed NASCAR driver 2 Chopper 12 over wreck that killed NASCAR driver Jason Leffler
Vandals defaced historic trains belonging to the United 3 Vandals deface historic train equipment in Boonton
4 Word on the Street: Selfies
5 12 on Health: Spike in flu cases

advertisement | advertise on News 12

Features

It's good to know you have Walt Kane Kane in Your Corner

It's good to know you have Walt Kane in your corner.

News 12 takes a look at the hottest Tech Check

Eric Landskroner has a look at the latest gadgets and biggest stories in tech.

News 12 On the Scene

Check out these exclusive videos from New Jersey celebs!

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE