As "fiscal cliff" edges near, Obama calls congressional leaders to WH


With no deal imminent on the looming "fiscal cliff," President Obama, who cut his Hawaiian vacation short today, has summoned congressional leaders to the White House for a seemingly last-ditch meeting on Friday, CBS News has learned.

The two key congressional leaders, Senate Majority Leader Harry Reid, D-Nev., and House Speaker John Boehner, R-Ohio, will be joined by Senate Minority Leader Mitch McConnell, R-Ky., and House Minority Leader Nancy Pelosi, D-Calif., at Friday's 3 p.m. ET meeting, which marks the first time the four are meeting with the president since Nov. 16.







Reid: Time is running out to avert "fiscal cliff"



Reid's focus on criticizing congressional Republicans today instead of moving a proposal forward was part of a calculated strategy, Democratic aides tell CBS News.

The aides said Reid is not going to introduce his "fiscal cliff" bill unless McConnell promises he will either allow a straight up-or-down vote on the measure, requiring just 50 votes, or allow Senate Republicans who might support the bill to "vote their conscience" - to vote yes - enabling the measure to meet a 60 vote threshold.

McConnell has yet to give those assurances, and until Reid gets them, he won't introduce his bill, the aides said. Democrats believe Reid's ultimate bill will be the inevitable legislative solution and they don't want to risk anything by sending it to the floor only to see it voted down.  Also, they don't want to force their own members to take a tough vote on a bill that winds up failing.

The latest stalemate over the "fiscal cliff" comes after Boehner's Republican Party rebuked his efforts last week to avert the "cliff." He was forced to pull a bill from the House floor just minutes before the expected vote because Democrats refused to back the measure because it doesn't raise enough revenue and too many Republicans revolted, refusing to raise taxes on anyone. The measure would have raised marginal tax rates only on households making more than $1 million.


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    Leigh Ann Caldwell is a political reporter for



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