(MCT) — WASHINGTON — Even as both parties signaled they were making progress on a deal to avoid the so-called fiscal cliff, President Barack Obama on Saturday renewed his call on the House of Representatives to act in the short term to extend lower tax rates for the bottom tier of wage earners, saying it would boost Americans’ confidence ahead of the holidays.

In his weekly video address, Obama called his first post-election sit-down with congressional leaders “constructive” and said there was agreement on the need to act as soon as possible to forestall automatic tax increases and budget cuts that are set to go into effect at year’s end.