House Republican leaders are pressing President Barack Obama to come up with plan they can accept for spending cuts and tax revenue to avoid the so-called "fiscal cliff" of automatic tax hikes and budget reductions.

Speaker John Boehner (BAY'-nuhr) tells reporters at a Capitol Hill news conference that he and the White House have some "serious differences." He says the GOP proposal is a balanced approach.

House Majority Leader Eric Cantor urged the president Wednesday to produce more specifics. He raised the possibility of Congress being in session through the Christmas holiday.

The combination of automatic tax increases and spending cuts would go into effect after the first of the year. Economists have warned it could plunge the nation into a recession.

Boehner and Obama spoke by phone on Tuesday.