Republican and Democratic congressional leaders emerged from a meeting with President Barack Obama on Friday, Nov 16 pledging to find common ground on taxes and spending that would allow them to avert an upcoming "fiscal cliff" that could send the economy back into recession, Reuters reported.

The top lawmakers spoke to reporters as a group for the first time in more than a year in what aides said was a joint decision to project a message of unity.

Each side at least signaled a willingness to put "on the table" issues dear to the two parties for decades, agreeing on a framework to discuss both tax and entitlement reform next year.

The two Democrats, Senate Majority Leader Harry Reid and Nancy Pelosi, the minority leader in the House of Representatives, said they recognized the need to curb spending.

John Boehner, the Republican speaker of the House, and Mitch McConnell, who leads the party in the Senate, said they had agreed to put "revenue on the table" as the two sides enter what are likely to be weeks of tense negotiations before a December 31 deadline.