Obama ally leads push on fiscal cliff Efforts to avert the fiscal cliff gathered momentum as a senior ally of President Barack Obama called on business leaders to urge Republicans to make concessions to stave off the looming budget crisis threatening the global economy. Two days after Mr Obama's re-election, Senator Chuck Schumer of New York, a leading Democratic spokesman on fiscal issues, said he welcomed a signal from John Boehner, the Republican speaker of the House of Representatives, that his party was willing to compromise to avert the fiscal cliff. But he added that the Republican leader would need the "business community" to help bring "his conference to a good position on revenues." The appeal came as Washington pivoted from the bruising election campaign to focus on averting the tax rises and spending cuts due to take effect in January, which could tip the US economy into recession. Amid investor unease, the International Monetary Fund called for a quick deal saying even an 11th-hour compromise could affect global economic confidence and growth. Releasing a recent note to ministers from G20 countries, the fund said going over the cliff would have "large international spillovers." It added: "A last-minute deal that relies on suboptimal fixes or largely "kicks the can down the road" may ultimately prove harmful." Mr Obama has spoken to congressional leaders on the phone - without presenting his opening gambit - and face-to-face talks are expected. The president is also expected to make a statement on budget issues on Friday. Negotiators face a deadline of December 31. Business groups and many chief executives have been more vocal in clamouring for a deal than they were during the 2011 showdown over the debt ceiling. A bipartisan campaign to "fix the debt" recently raised $30m from as many as 80 corporate leaders who support a grand bargain on deficit reduction that includes a mix of spending cuts and tax hikes. Mr Schumer urged executives to take the next step and ask Republican lawmakers to take a more lenient position on taxes and to challenge the uncompromising stance of influential anti-tax conservative activists such as Grover Norquist. Mr Schumer suggested Mr Obama would have the same message. "I believe the White House will reach out to the business community and work with them and utilise them for his common goal," he said. The US Chamber of Commerce, the largest business lobby group, said that with respect to both political parties it had been "very outspoken about the need to avert going off the cliff as well as the need for comprehensive tax and entitlement reform." Mr Obama and Democratic leaders including Mr Schumer have said they are willing to work with Republicans on the fiscal cliff, but have given no indication that they would forsake a key priority, an increase in tax rates on the wealthiest Americans. The White House and congressional Democrats are facing strong pressure from liberal groups and unions whose support was key in the election to stand firm on taxes and not to accept any cuts to popular government spending programmes for pensions and healthcare.