President Barack Obama is appealing to key U.S. lawmakers to compromise and cooperate on the "urgent business" of avoiding the so-called fiscal cliff. He spoke as he convened congressional leaders Friday at the White House for an opening round of deficit talks -- their first meeting since the election. AP cited Obama as saying that he has insisted any deal involve higher taxes on the top 2 percent of income earners. Republicans leaders are vowing to resist rate hikes as job-killers, though they have signaled they are open to added revenue through curbs on tax deductions and credits. The combination of tax hikes and automatic spending cuts will hit Jan. 1 unless lawmakers and Obama act. Top economists have warned the nation could be plunged back into recession if they do not . -- SPA
