President Obama to discuss 'fiscal cliff'

WASHINGTON (AP) -- President Barack Obama is meeting with Senate Majority Leader Harry Reid to discuss a way to avoid the fiscal cliff.

The president plans to make remarks at the White House following their meeting.

A White House official says that Obama and Reid are discussing the next steps needed to avoid across-the-board tax increases and steep spending cuts scheduled to kick Jan. 1.

Economists fear the combination could deliver a blow to the U.S. economy. The meeting comes a day after House Speaker John Boehner abandoned efforts to pass his own proposal in the House to avoid the so-called fiscal cliff.

Obama and Boehner had been negotiating a large deficit reduction package with tax increases and spending cuts, but those talks hit a standstill with only days to find a resolution.