Obama Invites Congressional Leaders to Cliff Talk

WASHINGTON (AP) — Senate Democratic Leader Harry Reid says "I don't know timewise how it can happen now."

But President Barack Obama and top members of Congress are meeting anyway, to try to avert the fiscal cliff of tax increases and budget cuts set to go into effect on Tuesday.

Obama has invited congressional leaders to the White House this afternoon, and House members are holding an unusual session Sunday.

One Senate Democrat says he believes "odds are better than people think" that a deal can be reached. New York's Chuck Schumer tells NBC's "Today" show he's encouraged that Senate Republican Leader Mitch McConnell of Kentucky is getting "actively engaged" in talks to resolve the problem.

Republican Sen. John Thune says, "It's encouraging that people are talking."