WASHINGTON President Barack Obama and Republican Speaker of the House of Representatives John Boehner had a "frank" meeting about the "fiscal cliff" on Thursday, aides to both men said.
The two men met for some 50 minutes in the White House Oval Office.
Lines of communication remain open, both aides said.
Separately, in an interview with a Minnesota CBS affiliate, Obama said he was hopeful of getting a deal and was willing to make more spending cuts as long as revenue from tax rates going up on the wealthiest Americans was part of the deal.
"I've already cut a trillion dollars in spending," Obama told WCCO, according to a transcript.
"I'm willing to do a lot more cuts in spending. We also need to pair it up with a little more revenue," he said.
(Reporting by Jeff Mason, Mark Felsenthal and Steve Holland; Editing by Will Dunham)