Obama, Boehner speak by phone on averting 'fiscal cliff'

Yes, people are talking behind the scenes about avoiding the "fiscal cliff," including President Obama and John Boehner.

The Democratic president and Republican speaker of the U.S. House talked by phone Wednesday night about a possible agreement to reduce the nation's $16 trillion-plus debt.

Both sides are looking to avoid the so-called fiscal cliff, a series of tax hikes and budget cuts that kick in unless the White House and Congress agree on new ways to reduce debt.

From The Associated Press:

"The call raises the possibility that negotiations will soon resume between the White House and congressional leaders.

"Obama is demanding that Republicans agree to raise tax rates at upper incomes as part of a deal to rein in future deficits. GOP leaders say they will agree to higher revenue, but they want to close loopholes or reduce tax breaks rather than raise rates."