Congressional leaders after fiscal meeting: 'We have a plan; we're going to move forward on it'

“We all know something has to be done … we feel very comfortable with each other and this isn't something we're going to wait until the last day of December to get it done,” Reid (D-Nev.) said. “We have a plan. We're going to move forward on it.”

Boehner said the parties had developed the "cornerstones of being able to work something out."

"It is going to be incumbent for my colleagues to show the American people that we're serious about cutting spending and solving our fiscal dilemma," Boehner said. "I believe that we can do this and avert the fiscal cliff that right in front of us today."

As the leaders spoke, major stock indexes jumped — a sign investors were encouraged by what they were hearing.

Reid said leaders and aides would work throughout the Thanksgiving recess and meet again with the president when lawmakers return from their break.

Congress leaves for the recess on Friday, and is scheduled to return the week of Nov. 26.

For more on Obama's fiscal meeting with congressional leaders, click here.