Differences over Bush-era tax cuts remain, but leaders vow to find common ground.
President Obama and Congressional leaders have agreed to set up a joint team to iron out differences over Bush-era tax cuts that expire in a month.
The agreement was the result of a much anticipated meeting at the White House Tuesday.
The meeting with Congressional leaders from both parties was, according to the president, very productive.
The president wants to extend the tax cuts only for those making under $250,000 per year.
Republicans want them for everyone.
"I think Republicans made the point that stopping all the looming tax hikes and cutting spending would in fact create jobs and get the economy moving again," said incoming Speaker of the House John Boehner said after the meeting.
The newly empowered GOP leaders who assume majority status in the House in January were optimistic compromise on the cuts can be reached.
"The president put best foot forward and realized we've got to produce results," added Representative Eric Cantor.
A vote on the cuts, planned in the House by week's end, will be with Democrats still in charge and the president sticking to his position.
Expectations were low that the meeting would produce any immediate deals and the formation of the tax cut team was a bit unexpected.