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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
