Congress and the President
(Photo by Chip Somodevilla/Getty Images)

The latest news from Washington D.C. about the "fiscal cliff" issue is good.

Friday is the first time leaders of both political parties and President Barack Obama have met on this important issue since the November 6th election. Without action by Jan. 1st, taxes will rise and indiscriminate spending cuts will happen. Many economists believe inaction by Congress and President will trigger another recession.

After a closed door meeting at the White House, Speaker John Boehner stated, "I believe we can do this."

Nancy Pelosi, former House Speaker and now minority leader, said, "We understand our responsibility."  She also stated she feels confident a solution may be in sight.

At this writing there is no statement, official or otherwise, about the President's reaction to the meeting. Also no discussion about one of the President's key points, raising taxes on the so-called rich.