Congressional leaders said they have agreed to a fast-paced negotiation process to broker a deal to avert the "fiscal cliff."

In an unusual display of bipartisanship, the four congressional leaders addressed reporters jointly after meeting with President Barack Obama. Senate Majority Leader Harry Reid (D., Nev.) said White House and congressional staff would work together next week to begin sorting through details, and suggested they could all reconvene in two weeks.

One proposal came from House Speaker John Boehner (R., Ohio), who proposed policy makers work toward setting "targets" for changes to the tax code and entitlement programs that they could finalize next year, an aide said.

Read more at the Wall Street Journal