Live Video: President Obama speaks on the economy - Los Angeles Local News | FOX 11 LA KTTV

Live Video: President Obama speaks on the economy

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By BEN FELLER
AP White House Correspondent

WASHINGTON (AP) -- A White House official says President Barack Obama is inviting Congressional leaders of both parties to the White House next week for talks on how to avoid the so-called fiscal cliff.  

Obama will announce the invitations on Friday as he addresses the nation on actions needed to avoid harsh economic consquences from a looming combination of tax increases and spending cuts.  

Obama is expected to urge Congress to act, including passing a bill that would prevent Bush-era tax cuts from expiring for all but the wealthiest Americans.

In his address from the White House East Room, Obama is not expected to put forward a specific plan, but instead will call on lawmakers from both parties to work together to tackle the nation's fiscal problems.

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