President Obama to hold crucial meeting on “fiscal cliff” on Friday

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The afternoon session is expected to be attended by Senate Majority leader, Senate minority leader, House Minority Leader and House Speaker.

Earlier House Republican leaders announced that the chamber will hold a meeting on December 30. It will be the first Sunday session in a time span more than 2 years. The session will now keep an window open for further actions on the part of the lawmakers to resolve the impasse before tax increases and spending cuts are implemented beginning January.

If a deal is not struck  deal or an intermediate solution to buy more time is not found, the hike in taxes will kick off on January 1, 2013. An warning has been issued by the economists suggesting that the combined jolt could knock the sluggish economic recovery.

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