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Obama Meets With Business Leaders as Fiscal Cliff Talks Start

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President Barack Obama spoke with senior business leaders last weekend to discuss the upcoming fiscal cliff of tax increases and spending cuts, Reuters reports.

Obama met with Boeing‘s Jim McNerney, JPMorgan Chase‘s Jamie Dimon, Warren Buffett, Apple‘s Tim Cook and Costco‘s Craig Jelinek.

A White House official told reporter Mark Felsenthal the meetings are part of an outreach effort to business leaders in finding a deficit reduction solution.

Representatives from labor and non-profit groups as well as civic leaders have also been invited to the White House to discuss plans for averting the fiscal cliff, according to the report.

Negotiations between congressional leaders and the president began last week to reach a deal averting the $109 billion in spending cuts and tax increases scheduled to kick in Jan. 1.

The fiscal cliff can reduce federal budget deficit but it can also result to another economic recession, Felsenthal writes.

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