Fiscal Cliff Confidence Expressed By Hill Leaders [VIDEO]

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.

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.

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

(Copyright 2012 by The Associated Press. All Rights Reserved.)