President Barack Obama on Friday held his first meeting with Republican and Democratic congressional leaders after winning the recently-concluded election.

Obama reportedly discussed some less harsh fiscal deficit-reduction measures then the existing ones.

Apart from Obama, the meeting was attended by Boehner, Republican Senate Minority Leader Mitch McConnell, House Minority Leader Nancy Pelosi, and Democratic Senate Majority Leader Harry Reid.

People familiar with the discussions said that the leaders agreed that tax and entitlement reforms would not be enough to resolve the more immediate problem of prevention the increasing fiscal deficit, indicating that the broad tax rises and cuts in spending set to begin in January.

Following the meeting, Boehner said that he had outlined a framework which deals with reforming the tax code and spending.

A Democratic aide said, "The major development of the meeting was we made it clear our position is ... we should freeze tax rates for the middle class and raise rates on the top (income) families."

While Republicans want to slash spending on benefit programs such as Medicare healthcare due to their increasing costs, Obama's core supporters have get him reelected to ensure continuation of benefit programs for the poor.