AP News

News Summary: Obama meets business, labor leaders

HEADS TOGETHER: President Barack Obama met with CEOs, after a similar meeting with labor and liberal groups, to focus on the threat posed to the economic recovery by the "fiscal cliff."

WHAT'S THAT: The fiscal cliff refers to the tax increases and big spending cuts scheduled for next year — which economists fear could cause a recession — unless lawmakers can agree on a budget.

HEAR FROM BUSINESS: CEOs say the uncertainty is hurting the nation's business climate and preventing hiring. They have urged Congress to extend the Bush-era tax cuts. Obama wants to do so for all but the highest income earners.

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