(CNN) - Friday will be a last ditch effort for a compromise between President Barack Obama and the highest ranking officials of Congress in regard to the dreaded "fiscal cliff".
Seen by many as the last attempt to reach a deal, President Obama will meet with Vice President Joe Biden, Senate Majority Leader Harry Reid, Senate Minority Leader Mitch McConnell, House Minority Leader Nancy Pelosi and House Speaker John Boehner on Friday at the White House.
The meeting will take place at 3:00 p.m. EST Friday, according to CNN.
The goal - to avoid the dreaded "fiscal cliff" in the remaining four days of 2012.
The results of not coming up with a solution will effectively end the Bush-era tax cuts, with automatic tax increases and spending cuts taking effect.
The reaching of a deal has been stalled with both sides of the aisle involving themselves in a high-stakes political blame game.
"We [the Senate] are here in Washington working while the members of the House of Representatives are out," said Sen. Harry Reid on Thursday. "They should be here."
The Democrats on Capitol Hill want to extend the Bush-era tax cuts to everyone except Americans making $250,000 or more annually.
Many Republicans oppose such increases, and walked out on House Speaker John Boehner's proposed 'Plan B' last week before breaking for the holiday.
"I told the President I'd be happy to look at whatever he proposes," said Sen. Mitch McConnell on Thursday. "The truth is we're coming up against a hard deadline here."
Sen. McConnell said he told Obama that these conversations should have taken place "months ago".
Most Americans just want action. If lawmakers do not reach a goal by Jan. 1, many economists worry that another recession can occur.
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