The economy grew at a faster-than-expected pace in the third quarter, expanding at a 3.1 percent annual rate, according to the Commerce Department, up from the 2.7 percent pace reported last month. Economists surveyed by Reuters had expected a reading of 2.8 percent.
Meanwhile, weekly jobless claims climbed 17,000 to a seasonally adjusted 361,000 in the previous week, according to the Labor Department. Economists polled by Reuters had expected a reading of 357,000. The four-week moving average for new claims, fell 13,750 to 367,750, the lowest since late October.
Boehner pressed his "Plan B" proposal that would extend the Bush-era tax cuts for those earnings up to $1 million, despite Obama's veto threat, saying it will be approved Thursday by the GOP-controlled House. (Read More: Fiscal Cliff Complete Coverage)
Meanwhile, Obama said the two sides were only $200 billion apart in a deal to avoid the looming "fiscal cliff," and he's ready to get the job done.