Obama, leaders to meet at White House Friday

President Obama will meet with Congressional leaders Friday afternoon at the White House just days before the so-called fiscal cliff deadline, when taxes are slated to increase.

Obama will host Senate Majority Leader Harry ReidHarry Mason ReidCortez Masto says she's not interested in being Biden VP Nevada congressman admits to affair after relationship divulged on podcast Overnight Energy: 600K clean energy jobs lost during pandemic, report finds | Democrats target diseases spread by wildlife | Energy Dept. to buy 1M barrels of oil MORE (D-Nev.), Senate Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellThe Hill's Morning Report - Presented by Facebook - Trump tweets as tensions escalate across US This week: Senate reconvenes as protests roil nation amid pandemic For city parks: Pass the Great American Outdoors Act now MORE (R-Ky.), House Speaker John BoehnerJohn Andrew BoehnerBottom line Pelosi, Trump slide further into the muck The partisan divide on crisis aid MORE (R-Ohio) and House Minority Leader Nancy Pelosi (D-Calif.), according to a White House official.

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The meeting will be Obama's first meeting with the Congressional leaders since leaving Hawaii, where he spent the Christmas holiday with his family. The meeting will be part of a last ditch effort to prevent taxes from rising and spending from getting cut in 2013.

The sitdown at the White House also comes as GOP leaders announced on Thursday that the House will come back into session on Sunday, just hours before the deadline.

A spokesman for BoehnerJohn Andrew BoehnerBottom line Pelosi, Trump slide further into the muck The partisan divide on crisis aid MORE said the House Speaker will "continue to stress that the House has already passed legislation to avert the fiscal cliff and now the Senate must act."

A spokesman for McConnell said the senator is "eager to hear from the President."

On the Senate floor Thursday, McConnell said, "Hopefully there is still time for an agreement of some kind that saves the taxpayers from a wholly preventable economic crisis.”

Obama last week said he would reach for a smaller deal that would extend tax rates on annual incomes below $250,000 while allowing rates above that threshold to rise. Obama also said he would seek an extension of unemployment benefits, but would put off broader entitlement reforms until next year, as well as a hike to the debt ceiling.

It is unclear, however, whether Republicans would move legislation that only extends rates on annual incomes below $250,000.

Updated at 8 p.m.