This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

No Deal In Sight As Deadline For Fiscal Deal Nears

By DAVID ESPO

WASHINGTON (AP) â¿¿ A deadline looming, President Barack Obama will meet with congressional leaders at the White House on Friday in search of a compromise to avoid a year-end "fiscal cliff" of across-the-board tax increases and deep spending cuts.

The development capped a day of growing urgency in which Obama returned early from a Hawaiian vacation while lawmakers snarled across a partisan divide over responsibility for gridlock on key pocketbook issues. Speaker John Boehner called the House back into session for a highly unusual Sunday evening session.

Adding to the woes confronting the middle class was a pending spike of $2 per gallon or more in milk prices if lawmakers failed to pass farm legislation by year's end.

Four days before the deadline, the White House disputed reports that Obama was sending lawmakers a scaled-down plan to avoid the fiscal cliff of tax increases and spending cuts.

Administration officials confirmed the Friday meeting at the White House in a bare-bones announcement that said the president would "host a meeting."

An aide to Senate Republican Leader Mitch McConnell said the Kentucky lawmaker "is eager to hear from the president."

A spokesman for House Speaker John Boehner issued a statement that said the Ohio Republican would attend and "continue to stress that the House has already passed legislation to avert the entire fiscal cliff and now the Senate must act."

While there was no guarantee of a compromise, Republicans and Democrats said privately elements of any agreement would likely include an extension of middle class tax cuts with increased rates at upper incomes as well as cancellation of the scheduled spending cuts. An extension of expiring unemployment benefits, a reprieve for doctors who face a cut in Medicare payments and possibly a short-term measure to prevent dairy prices from soaring could also become part of a year-end bill, they said.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,979.13 +59.54 0.35%
S&P 500 1,986.51 +4.91 0.25%
NASDAQ 4,526.4820 -1.0320 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs