Obama tells Congress now is the time to act on 'fiscal cliff'

WASHINGTON (AP) - President Barack Obama is calling on congressional leaders to hash out an agreement that will avert the automatic tax hikes and across-the-board spending cuts due to take effect in January.

Obama met with the leaders of the House and Senate at the White House this afternoon for about an hour to discuss the so-called "fiscal cliff." He said at a press briefing after that, the hour for immediate action is here. Obama called today's meeting "constructive."