However, if a compromise was not reached, the president said he would ask for a quick vote on preventing tax rises. Congress has only four days to reach an agreement before across-the-board tax rises and spending cuts take effect.
Analysts say sliding over the so-called “cliff” could tip the US into recession and set back the global economic recovery.
If Senate majority leader Harry Reid and minority leader Mitch McConnell do not work out a deal, the White House is seeking a vote to prevent tax rises on incomes up to $250,000 and ensure unemployment insurance is continued. He described that as the “bare minimum” Congress should be done before January. “The hour for immediate action is here, it is now,” the President said.
The renewed effort towards a Senate deal that could pass both chambers comes after much of the focus in negotiations rested on House Speaker John Boehner. An alternative plan proposed by Boehner - which would have seen taxes rise only on those earning over $1 million failed in the House of Representatives late last week.
Boehner has called the lower chamber into session on Sunday. A staff member in the house speaker‘s office told Reuters that the House would consider Senate legislation. The White House’s plans to increase taxes on the wealthiest Americans have remained a point of division between the two parties since he won re-election in November.
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