President meets with business leaders over impact of going "over" fiscal cliff

Obama's meeting over fiscal cliff

WASHINGTON - The effort to avoid a series of expiring tax cuts and across-the-board spending cuts scheduled to take effect in January has President Barack Obama meeting today with about a dozen business executives.

Business groups want a fiscal cliff solution before the end of the year, warning that the uncertainty could roil the financial markets and harm the economic recovery.

Democrats want higher taxes on the wealthy and to keep current tax rates for the middle class.  Republicans want to cut government spending.

President Obama plans to meet with congressional leaders from both parties on Friday.

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