President Barack Obama has invited congressional leaders from both parties to the White House for talks on how to avoid $607 billion in automatic spending cuts and tax hikes set to take effect at the beginning of next year. House Majority Leader John Boehner, R-Ohio, has said he favors an overhaul of the tax code to generate revenue rather than raising tax rates. "I don't want to limit the options that would be available to me or limit the options that would be available to the White House," he said. "There are a lot of ways to get there."
Obama invites Boehner, Reid to White House for "fiscal cliff" talks