"Fiscal cliff" talks begin - The Washington Post Finally, the negotiations over the "fiscal cliff" begin. President Obama and congressional leaders gathered Friday morning for the first time since the election to begin talks about how to resolve the year-end fiscal cliff. They have 46 days before deep federal spending cuts and dramatic tax hikes on nearly all Americans take effect, likely pushing the economy into recession. What going over the 'fiscal cliff' would mean ... Valerie Strauss Here are some facts about how public schools could be affected if Obama and Congress don't reach some agreement. Rosalind S. Helderman and David A. Fahrenthold Boehner will open talks Friday with Obama about avoiding the cliff. But he has to deal with Republicans who may not want a deal. Zachary A. Goldfarb President Obama, congressional leaders meet Friday morning in bid to head off spending cuts, tax hikes. Here's the complete coverage of the fiscal cliff negotiations among President Obama and lawmakers. The 10:15 a.m. meeting comes after more than a week of positioning by Obama and the leading lawmakers, including House Speaker John A. Boehner (R-Ohio), House Minority Leader Nancy Pelosi (D-Calif.), Senate Majority Leader Harry M. Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.). The key point of division between Obama and the Republicans is taxes, and both sides have already made their opening bids. Obama wants to freeze tax rates for all families earning less than $250,000 a year and allow the George W. Bush-era tax rates to expire, as scheduled, for wealthier Americans. "This would not only give certainty to millions of American families and small businesses but also resolve more than half of the impact of the so-called fiscal cliff," a White House official said in a statement. Obama "will be making clear that he is willing to compromise and do tough things to get this done, but only in the context of a balanced approach that also asks more in revenues from the wealthiest Americans." Republicans say they are open to raising taxes. But they insist they will not allow tax rates to increase. Instead, they say new tax revenue must be found by limiting deductions that benefit the wealthy and from economic growth. The meeting recalls a furious series of negotiations in spring and summer of 2011 over a deal to tame the debt - talks that ultimately failed and created the conditions that have led to the fiscal cliff. But this time may be different. Obama feels empowered by what Democrats say was a resounding electoral victory - based in part on an explicit call to tax the rich more heavily. Republicans, meanwhile, are increasingly willing to break with orthodoxy and accept tax increases. They are being pushed in that direction not only by the electoral defeat but also by events since - including former GOP presidential nominee Mitt Romney's comments Wednesday that Obama won the election because he gave "gifts" to his constituents, a position many in the GOP have repudiated. Tax rates on the wealthy are set to rise from 35 percent to 39.6 percent in the new year, raising about $850 billion over the next decade. While Obama says he is not wedded to his plan, the White House has made clear that simply limiting deductions would not be an acceptable approach. But the White House has not drawn what Obama termed "red lines" and may be open to accepting a somewhat more modest increase in tax rates, if accompanied by a promise to raise even more tax revenue through limits on deductions and other measures. If Republicans ultimately accept that compromise, the fiscal cliff - which would suck $500 billion out of the economy next year alone - could be averted. But if Republicans hold the line against higher tax rates, Obama has suggested he would be willing to go over the cliff.