Executives urge White House, lawmakers to avoid "fiscal cliff"

WASHINGTON: Business executives urged President Barack Obama and U.S. lawmakers on Wednesday to prevent a year-end across-the-board tax rise that will go into effect unless Congress acts, saying it would hurt consumer spending and business.

Obama met with 12 business executives at the White House to discuss the so-called fiscal cliff - a combination of government spending cuts and tax rises due to go into effect in early 2013, - unless Congress acts.