Top US Senate Republican Mitch McConnell said Friday he was "hopeful and optimistic" about a possible deal to avert the fiscal cliff after a meeting with President Barack Obama and senior lawmakers.

"We had a good meeting down at the White House," McConnell said, adding that he and Democratic Senate Majority Leader Harry Reid would work with the White House in an effort to craft a deal "as early as Sunday" that would prevent some $500 billion in tax hikes and spending cuts from kicking in on January 1.