(MCT) — WASHINGTON — With the sudden collapse of House Speaker John A. Boehner's Plan B to avert most year-end tax increases, President Barack Obama and congressional leaders face a daunting choice: compromise in the few days remaining before tax hikes and spending cuts kick in, or call it quits and soar off the fiscal cliff.

Obama appeared in the White House briefing room late Friday to urge congressional leaders to at least prevent income tax hikes on household income of less than $250,000, continue long-term unemployment benefits and delay the mandatory spending cuts set to begin in January.