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President Barack Obama said Wednesday he hoped to reach a deal on the "Fiscal Cliff" before Christmas but insisted that Congress move now to prevent a middle-class tax increase in January. "Let's approach this with the middle class in mind," he said.

To that end, Obama spoke Wednesday with an invited group of Americans who would see their taxes go up if the White House and congressional Republicans are unable to strike a deal before the end of the year.

"Our ultimate goal is to get an agreement that is fair and balanced," the president said in a nationally televised statement from the White House. "My hope is to get this done before Christmas."

"But the place where we already have, in theory at least, complete agreement right now is on middle-class taxes," Obama said. "If Congress does nothing, every family in America will see their taxes automatically go up at the beginning of next year."

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