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GOP Bends on Taxes as Fiscal Cliff Talks Begin

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Obama and congressional leaders of both parties met Friday to discuss deficit reduction before tax increases and automatic spending cuts go into effect next year.

“I want to welcome the congressional leadership here and thank them for their time,” Obama said at the top of the meeting in the Roosevelt Room. “I think we’re all aware that we have some urgent business to do. We’ve got to make sure that taxes don’t go up on middle-class families, that our economy remains strong. That’s an agenda that Democrats and Republicans and independents, people all across the country share. So our challenge is to make sure that we are able to cooperate together work together find some common ground, make some tough compromises build some consensus to do the people’s business.”

Obama also wished Boehner — who turns 63 tomorrow — a happy birthday.

“We’re not going to embarrass him with a cake because we didn’t know how many candles were needed.” the president quipped.

“Yeah, right,” Boehner said with a smile. The two men, seated next to each other, then shook hands.

Obama did not sing happy birthday, nor the semifamous “Boehner Birthday song,” which can be found on YouTube.

Vice President Joseph R. Biden, Treasury Secretary Timothy F. Geithner, White House Chief of Staff Jacob J. Lew and economic adviser Gene Sperling also attended the meeting.

Meanwhile, a bipartisan group of lawmakers were renewing their push for a comprehensive deficit reduction deal in hopes of giving congressional leaders political space to make hard compromises.

Rep. Heath Shuler, D-N.C., is seeking signatures on a letter to party leaders that calls for $4 trillion in deficit reduction, derived from new revenue and spending cuts, including to entitlement programs. He held a meeting Friday morning to begin building support.

“Everything is on the table,” Shuler said. “We should be able to send a really strong message to our leaders to let them know to come up with a really large deal and that we’ll have their back.”

Shuler signaled he was seeking to replicate the coalition of 100 bipartisan lawmakers that signed a letter last November urging members of the Joint Select Committee on Deficit Reduction to craft a $4 trillion deficit reduction package over a decade. Shuler said 18 lawmakers attended the meeting and that he was just beginning to collect signatures.

“We all want to go big and we all want to do this right the first time,” Shuler said. “The thing we don’t want to do is do something small or kick the can down the road.”

Republican Reps. Steven C. LaTourette of Ohio and Mike Simpson of Idaho, who were involved in last year’s ‘go big’ push, were also spotted leaving the meeting. LaTourrette and Shuler are retiring at the end of this Congress.

On Wall Street, stocks rallied, but bonds were down, in the initial reaction to leaders’ optimism about reaching a deal on the fiscal cliff.

Alan Ota and Ben Weyl contributed to this report.

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