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News Summary: Obama, Boehner eye "fiscal cliff"

The Associated Press

President Barack Obama gestures as he speaks about the economy and the deficit, Friday, Nov. 9, 2012, in the East Room of the White House in Washington. (AP Photo/Pablo Martinez Monsivais)

"FISCAL CLIFF" FENCING: Ahead of critical negotiations, President Barack Obama said Friday he won't accept any approach to federal deficit reduction that doesn't ask the wealthy to pay more in taxes. Republican House Speaker John Boehner said he remains unwilling to raise tax rates on upper-income earners.

THE BACKGROUND: The sparring came as Obama invited congressional leaders of both parties to the White House next week for postelection negotiations aimed at averting the "fiscal cliff" tax increases and automatic spending cuts due to hit in January.

ROOM FOR COMPROMISE: Both sides agree that failure to address the automatic tax increases and spending cuts could cripple the economy.