Obama to host 'fiscal cliff' summit

President Barack Obama has asked congressional leaders to convene today at the White House for last-minute talks on a “fiscal cliff” deal that avoids automatic tax increases and broad spending cuts that threaten the economy’s nascent recovery.

The development capped a day of growing urgency in which Mr Obama returned early from a Hawaiian holiday and planned to meet with top members of Congress just four days before the government goes over the so-called fiscal cliff if no deal is reached.