Obama will begin a meeting on the fiscal cliff momentarily.
According to a Reuters source he will not make a new offer but will lay out an approach he thinks can pass through Congress. If the leaders don`t support his plan, Obama will ask for a counterproposal.
Obama`s plan includes tax hikes for earners above $250,000, an extension of employment insurance and other issues, according to the source.
It sounds like the same old stories, stocks are unhappy.