Hill Leaders Voice Confidence in Debt Deal

Congressional leaders, such as House Speaker John Boehner, are expressing confidence they can reach a deal with President Barack Obama to head off the "fiscal cliff."

Congressional leaders, such as House Speaker John Boehner, are expressing confidence they can reach a deal with President Barack Obama to head off the "fiscal cliff."

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By ANDREW TAYLOR, Associated Press

WASHINGTON (AP) — Congressional leaders are expressing confidence they can reach a deal with President Barack Obama to head off the "fiscal cliff" and the risk of a new recession.

[READ: The Fiscal Cliff Just Got Steeper]

The top members of the House and Senate spoke at the White House after a closed-door session with Obama. At issue is a series of tax increases and spending cuts that could undermine the economy and slow job creation starting Jan. 1.

House Speaker John Boehner and Senate Minority Leader Mitch McConnell both said they offered higher tax revenue as part of a deal. Boehner said he outlined a framework that is consistent with Obama's call for a "balanced" approach of both higher revenue and spending cuts.

[READ: A Simpleton's Guide to the Fiscal Cliff]

Senate Majority Leader Harry Reid said, quote, "We all know something has to be done."

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