US President Barack Obama, Congressional leaders agree on need to find quick "fiscal cliff" solution

The White House says US President Barack Obama had a "constructive" meeting with Congressional leaders about how to avoid the so-called "fiscal cliff"

It added that the leaders agreed to find a solution as quickly as possible.

Speaking after the meeting, White House Press Secretary Jay Carney said Mr Obama and the Congressional leaders will work together to find a balanced approach to reduce the US deficit

This would include measures to raise revenue and to cut spending.

Prior to the meeting, Mr Obama had said a compromise is needed:

"I think we're all aware that we have some urgent business to do."

Over the next few days, the president's team will continue to talk with Congressional leaders