By . Daily Mail Reporter and Associated Press . PUBLISHED: . 08:59 EST, 29 November 2012 . | . UPDATED: . 09:56 EST, 29 November 2012 . Top Democrats including White House aides hinted that they may use concessions on taxes and government benefit cuts as bargaining tools while dealing with Republicans in order to avoid the ‘fiscal cliff’. Such compromises would be welcome by Republicans, who agree with House Speaker John Boehner’s proposition that they would agree to higher tax revenues if they were suggested in a deal that included cuts to benefit programs. The goal of the talks is to produce a long-term deficit-cutting deal that will allow the cancellation of tax increases and spending cuts scheduled for the end of the year - the 'fiscal cliff' that numerous economists say threaten a new recession. Scroll down for video . Pointing out areas of compromise: President Obama said that he would be willing to work with Republicans in putting a deal together that involved both cutting spending and tax breaks . 'I'll go anywhere and I'll do whatever it takes to get this done,' President Barack Obama said as he sought to build pressure on Republicans to accept his terms. 'It's too important for Washington to screw this up,' he declared. The fiscal cliff is the ominous heading given to the group of tax cuts for all but the country’s highest earners as well as the funding to a collection of government benefit programs are all due to expire at the end of this year, and if the government doesn’t find ways to make up for those budget disparities they will not continue into 2013. For all the talk, there was no sign of tangible progress on an issue that marks a first test for divided government since elections that assured Obama a second term in the White House while renewing Republican control in the House. 'It's time for the president and Democrats to get serious about the spending problem that our country has,' Boehner said at a news conference. The leading Republican, like Obama, expressed optimism that a deal could be reached. Appealing to the masses: President Obama hoped to earn support over social media . Rallying: Though he said that he was willing to compromise and work together, Obama called Congress out . At the same time, he publicly disagreed with one Republican lawmaker, Rep. Tom Cole of Oklahoma, who said he was ready to go along with Obama's plan to renew most but not all of the expiring income tax cuts. 'It'll hurt the economy' to raise rates for anyone, said Boehner. Separately, at a closed-door meeting with the rank and file members of his party, the speaker told fellow Republicans they are on solid political ground in refusing to let tax rates rise. He circulated polling data showing the . public favors closing loopholes to raise revenue far more than it . supports raising rates on incomes over $250,000. On . Wednesday, a group of corporate CEOs pushing for a deal met separately . with top Democratic and Republican leaders in the House, joined by . Erskine Bowles who was co-chairman of a deficit commission Obama . appointed earlier in his term. Clear message: 'It's time for the president and Democrats to get serious about the spending problem that our country has,' House Speaker John Boehner said . Speaking . to reporters before a session with business leaders, House Democratic . leader Nancy Pelosi of California said the bargaining ought to begin . where deficit talks between Obama and Boehner broke down 18 months ago . 'and go from there to reach an agreement.' Starting point: It is believed that Obama and Boehner were close to striking a deal last year and may begin their negotiations there . She didn't say so, but at the time, the two men were exchanging offers that called for at least $250billion in cuts over a decade from Medicare, the popular government health care program for the elderly, and another $100billion from Medicaid, the health care program for the poor. Among the changes under discussion - with Obama's approval - was a gradual increase in the eligibility age for Medicare from 65 to 67, as well as higher fees for beneficiaries. Also on the table at the time was a plan to curtail future cost-of-living increases for Social Security, the government pension program, and other benefit programs. Those negotiations faltered in a hail of recriminations after the president upped his demand for additional tax revenue and conservatives balked. At the same time liberals were objecting to savings from Medicare and Social Security. Now, more than a year and one election later, Obama has said repeatedly he is open to alternatives to his current proposal to raise additional tax revenue. But he also says he will refuse to sign . legislation that extends the current top rates on incomes over $200,000 . for individuals and $250,000 for couples. Coming together: Erskine Bowles, former co-chairman of a deficit commission Obama appointed earlier in his term, joined a group of CEOs and Republicans who met on Capitol Hill on Wednesday . Instead, he is pushing Congress to renew expiring tax cuts for all income below those levels as an interim measure - an offer Boehner and Republicans generally say is unacceptable because it would mean higher taxes on small business owners. Bowles said during the day that Obama might be willing to back off his demand that the top rate revert all the way from 35 per cent to 39.6 per cent, where it was a decade ago before tax cuts sought by then-President George W. Bush took effect. At the White House, spokesman Jay Carney sidestepped questions. 'If I told you how much flexibility the president had, it would eliminate his flexibility,' he said. While the obstacles are numerous, there are other political imperatives pushing the two sides toward an agreement. Unemployment benefits expire for some of the long-term jobless at the end of the year. Additionally the government is expected to need an increase in borrowing authority early next year or face the possibility of a default. Any agreement on that is expected to raise the current $16.4trillion level.
President Obama and Republican House Speaker John Boehner both said they were willing to compromise to find ways to avoid the dramatic tax and benefit spending cuts that will come at the end of the year .
Obama and Boehner were supposedly close to striking a deal last year and may begin their negotiations there .
One of those issues was raising eligibility age of  Medicare from 65 to 67 .
President took to Twitter saying that most families would save $2,200 if some tax cuts were extended, prompting the #My2k hashtag .
By . Daily Mail Reporter and Associated Press . PUBLISHED: . 08:59 EST, 29 November 2012 . | . UPDATED: . 09:56 EST, 29 November 2012 . Top Democrats including White House aides hinted that they may use concessions on taxes and government benefit cuts as bargaining tools while dealing with Republicans in order to avoid the ‘fiscal cliff’. Such compromises would be welcome by Republicans, who agree with House Speaker John Boehner’s proposition that they would agree to higher tax revenues if they were suggested in a deal that included cuts to benefit programs. The goal of the talks is to produce a long-term deficit-cutting deal that will allow the cancellation of tax increases and spending cuts scheduled for the end of the year - the 'fiscal cliff' that numerous economists say threaten a new recession. Scroll down for video . Pointing out areas of compromise: President Obama said that he would be willing to work with Republicans in putting a deal together that involved both cutting spending and tax breaks . 'I'll go anywhere and I'll do whatever it takes to get this done,' President Barack Obama said as he sought to build pressure on Republicans to accept his terms. 'It's too important for Washington to screw this up,' he declared. The fiscal cliff is the ominous heading given to the group of tax cuts for all but the country’s highest earners as well as the funding to a collection of government benefit programs are all due to expire at the end of this year, and if the government doesn’t find ways to make up for those budget disparities they will not continue into 2013. For all the talk, there was no sign of tangible progress on an issue that marks a first test for divided government since elections that assured Obama a second term in the White House while renewing Republican control in the House. 'It's time for the president and Democrats to get serious about the spending problem that our country has,' Boehner said at a news conference. The leading Republican, like Obama, expressed optimism that a deal could be reached. Appealing to the masses: President Obama hoped to earn support over social media . Rallying: Though he said that he was willing to compromise and work together, Obama called Congress out . At the same time, he publicly disagreed with one Republican lawmaker, Rep. Tom Cole of Oklahoma, who said he was ready to go along with Obama's plan to renew most but not all of the expiring income tax cuts. 'It'll hurt the economy' to raise rates for anyone, said Boehner. Separately, at a closed-door meeting with the rank and file members of his party, the speaker told fellow Republicans they are on solid political ground in refusing to let tax rates rise. He circulated polling data showing the . public favors closing loopholes to raise revenue far more than it . supports raising rates on incomes over $250,000. On . Wednesday, a group of corporate CEOs pushing for a deal met separately . with top Democratic and Republican leaders in the House, joined by . Erskine Bowles who was co-chairman of a deficit commission Obama . appointed earlier in his term. Clear message: 'It's time for the president and Democrats to get serious about the spending problem that our country has,' House Speaker John Boehner said . Speaking . to reporters before a session with business leaders, House Democratic . leader Nancy Pelosi of California said the bargaining ought to begin . where deficit talks between Obama and Boehner broke down 18 months ago . 'and go from there to reach an agreement.' Starting point: It is believed that Obama and Boehner were close to striking a deal last year and may begin their negotiations there . She didn't say so, but at the time, the two men were exchanging offers that called for at least $250billion in cuts over a decade from Medicare, the popular government health care program for the elderly, and another $100billion from Medicaid, the health care program for the poor. Among the changes under discussion - with Obama's approval - was a gradual increase in the eligibility age for Medicare from 65 to 67, as well as higher fees for beneficiaries. Also on the table at the time was a plan to curtail future cost-of-living increases for Social Security, the government pension program, and other benefit programs. Those negotiations faltered in a hail of recriminations after the president upped his demand for additional tax revenue and conservatives balked. At the same time liberals were objecting to savings from Medicare and Social Security. Now, more than a year and one election later, Obama has said repeatedly he is open to alternatives to his current proposal to raise additional tax revenue. But he also says he will refuse to sign . legislation that extends the current top rates on incomes over $200,000 . for individuals and $250,000 for couples. Coming together: Erskine Bowles, former co-chairman of a deficit commission Obama appointed earlier in his term, joined a group of CEOs and Republicans who met on Capitol Hill on Wednesday . Instead, he is pushing Congress to renew expiring tax cuts for all income below those levels as an interim measure - an offer Boehner and Republicans generally say is unacceptable because it would mean higher taxes on small business owners. Bowles said during the day that Obama might be willing to back off his demand that the top rate revert all the way from 35 per cent to 39.6 per cent, where it was a decade ago before tax cuts sought by then-President George W. Bush took effect. At the White House, spokesman Jay Carney sidestepped questions. 'If I told you how much flexibility the president had, it would eliminate his flexibility,' he said. While the obstacles are numerous, there are other political imperatives pushing the two sides toward an agreement. Unemployment benefits expire for some of the long-term jobless at the end of the year. Additionally the government is expected to need an increase in borrowing authority early next year or face the possibility of a default. Any agreement on that is expected to raise the current $16.4trillion level.
with Republicans in order to avoid the ‘fiscal deficit-cutting deal that will allow the cancellation of tax increases and spending cuts ways to make up for those budget disparities they willing to compromise and work together, Obama country has,' House Speaker John Boehner said . is believed that Obama and Boehner were close to striking a deal last year and may begin their gradual increase in the eligibility age for Medicare from 65 to 67, as well as higher fees of the long-term jobless at the end of the year.