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White House meeting a last stab at fiscal deal

President Barack Obama was preparing to present a limited fiscal proposal to congressional leaders at a White House meeting Friday, a make-or-break moment for negotiations to avoid across-the-board tax increases and deep spending cuts at the first of the year.

By Jim Kuhnhenn | Updated on December 28, 2012
Senate Minority Leader Mitch McConnell of Ky. walks to the Senate floor on Capitol Hill in Washington, Thursday, Dec. 27, 2012. (AP Photo/Susan Walsh)

WASHINGTON (AP) — President Barack Obama was preparing to present a limited fiscal proposal to congressional leaders at a White House meeting Friday, a make-or-break moment for negotiations to avoid across-the-board tax increases and deep spending cuts at the first of the year.

Lawmakers and White House officials held out a slim hope for a deal before the new year, but it remained unclear whether congressional passage of legislation palatable to both sides was even possible.

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