President Obama and congressional leaders from both major parties met at the White House this morning for the first of what will likely be many negotiations aimed at averting a plunge over the so-called fiscal cliff.
We watched for news from the key players — who include House Speaker John Boehner, R-Ohio — and updated with highlights.
If you fell asleep Rip Van Winkle-like earlier in the year only to wake up Friday, you might be forgiven for thinking no time had passed.
Because on Friday, President Obama called for higher taxes on the wealthy to be part of any agreement to avoid the fiscal cliff, while House Speaker John Boehner strongly indicated that proposal was a non-starter with House Republicans.
But, of course, we just had an election in which the president won a second term and, through that, some political capital. Exactly how much remains to be seen.
With the election over, attention in Washington has turned to the nation's debt and deficit challenges — most immediately the looming fiscal cliff. That's the $600 billion worth of expiring tax breaks and automatic spending cuts set to start taking effect Jan. 1.
The president and Congress agreed to those automatic measures to force themselves to find a more palatable compromise to rein in deficits. On Wednesday, there was an attempt to jump-start that process.
That's the key question for Congress now that another budget crisis is near. Senate Majority Leader Harry Reid, D-Nev, today said he's ready to do a little two-stepping with Republicans to twirl away from the edge of the so-called fiscal cliff.
"It's better to dance than to fight," the former amateur boxer told reporters at a press conference. "Everything doesn't have to be a fight."