President Obama and House Speaker John Boehner met behind closed doors for 45 minutes at the White House Monday to dicuss ways to avoid a series of spending cuts and tax increases that are slated to take effect at the end of the year.
The two leaders have met privately and spoken by phone several times, but still disagree about how to avoid the so-called fiscal cliff. No details have been released of the meeting so far.
Failure to reach a deadline by the end of the year would mean that $500 billion in tax increases take effect early next year, coupled with $109 billion in spending reductions, the first installment toward $1.2 trillion in cuts over two years.
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