WASHINGTON (AP) -- The White House says President Barack Obama plans to make a statement following a meeting with congressional leaders on the fiscal cliff.
Obama met Friday for about an hour with House Speaker John Boehner, Senate Republican leader Mitch McConnell, Senate Majority Leader Harry Reid and House Democratic leader Nancy Pelosi.
The White House is trying to build support for a proposal it presented a week ago, when Obama urged lawmakers to preserve tax cuts for most Americans while letting rates rise on incomes above $250,000 a year. At the same time, Obama wants lawmakers to extend unemployment benefits for the long-term jobless.
Both sides are trying to prevent a toxic blend of middle-class tax increases and spending cuts from taking effect at the turn of the new year.
The president is expected to begin speaking at 4:45 Central Time. Click the player above to watch the live stream from ABC News.