President Barack Obama called on Senate leaders to hammer out a last-minute deal to prevent taxes from rising on Americans across every income group, warning that he otherwise would push Congress to allow an up-or-down vote on an emergency fiscal package just before the new year’s deadline.

Speaking after an hour-long meeting with congressional leaders, Obama called on Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell to cut a deal before the end of the weekend to prevent $500 billion in tax hikes and spending cuts from taking effect in the new year. Obama said he was “modestly optimistic” a deal could be reached, calling the 11th hour haggling before the fiscal cliff deadline “mind-boggling.”