OBAMA: 'The Hour For Immediate Action Is Here, It Is Now'

President Barack Obama called on Senate leaders to come to a bipartisan agreement to avert the year-end fiscal cliff following a meeting with Congressional leaders at the White House.

"The hour for immediate action is here," Obama said during a press conference at the White House. "It is now."

Obama said he was "modestly optimistic" about an agreement. A bipartisan deal now lies in the hands of Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell, who will try to hash out an agreement on Saturday.

"This is deja vu all over again," Obama said. "The American people are watching what we do here and obviously their patience is already thin. The American people are not going to have any patience for a politically self-inflicted wound to our economy."

[link to www.businessinsider.com]