[h=3]By SIOBHAN HUGHES, JANET HOOK and CAROL E. LEE[/h]WASHINGTON—Congressional leaders and the White House prepared for a Friday afternoon meeting, a last-ditch negotiation that could signal whether Washington is able to avert the tax increases and spending cuts known as the fiscal cliff.
"This afternoon's meeting, I think, is a first chance to put the four leaders in the room and see if there's any way to avoid this," Sen. Dick Durbin (D, Ill.), the No. 2 Senate Democrat, told The Wall Street Journal after speaking on the Senate floor.
Sen. Chuck Schumer (D, N.Y.) said Friday on "The Today Show" that "I'm getting a little more optimistic today" because Senate Minority Leader Mitch McConnell (R, Ky.) "is actively engaged." He said "the odds are better than people think."
And Sen. Pat Toomey (R., Pa.), speaking in a radio interview with WILK, said "it's not too late" to avoid the fiscal cliff. Mr. Toomey said that the Senate could take up House-passed legislation, amend it to extend tax rates for all but the top earners and then pass it with just 51 votes—"at which point I think it's very likely frankly that the House would take it up and pass it."
The tone struck by some lawmakers Friday was a contrast to a day earlier, when many said they were fearful Washington won't be able to avert the fiscal cliff, a prospect that has unnerved consumers and investors. The emotional see-saw is likely to continue in the absence of specific proposals for lawmakers to consider.
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"This afternoon's meeting, I think, is a first chance to put the four leaders in the room and see if there's any way to avoid this," Sen. Dick Durbin (D, Ill.), the No. 2 Senate Democrat, told The Wall Street Journal after speaking on the Senate floor.
Sen. Chuck Schumer (D, N.Y.) said Friday on "The Today Show" that "I'm getting a little more optimistic today" because Senate Minority Leader Mitch McConnell (R, Ky.) "is actively engaged." He said "the odds are better than people think."
And Sen. Pat Toomey (R., Pa.), speaking in a radio interview with WILK, said "it's not too late" to avoid the fiscal cliff. Mr. Toomey said that the Senate could take up House-passed legislation, amend it to extend tax rates for all but the top earners and then pass it with just 51 votes—"at which point I think it's very likely frankly that the House would take it up and pass it."
The tone struck by some lawmakers Friday was a contrast to a day earlier, when many said they were fearful Washington won't be able to avert the fiscal cliff, a prospect that has unnerved consumers and investors. The emotional see-saw is likely to continue in the absence of specific proposals for lawmakers to consider.
[h=3]Related Video[/h]