Obama is set to host Democratic and Republican leaders for a meeting at the White House on Friday.
Neither side wants the harsh budget measures to take place. They were set up as a way to force the lawmakers to reach a deal to address the country’s budget deficit after previous talks failed.
Congress is also expected to address several other areas in its so-called “lame-duck” session. Those include a bill to aid farmers, legislation ending trade restrictions so that U.S. exporters can access the Russian market following that country’s entry into the World Trade Organization, and a bill excluding U.S. airlines from European Union taxes on emissions for planes flying to and from the continent.
- An agreement intended to force politicians to compromise and make deals.
- Without a deal by January 1, 2013, sharp spending cuts would hit military and social programs.
- Tax hikes also would go into effect.
- The combination would reduce economic activity, and could boost unemployment and push the nation back into recession