On Monday, the U.S. Senate will take their first vote on extending all the Bush-era tax cuts. Prospects for passage of the measure seem better in the Senate than in the U.S. House of Representatives.
"Everybody understands what it would mean for the economy if we don't get this done," Obama adviser David Axelrod said Sunday.
Even if Democrats do stop the deal, Republicans said that will only be temporarily until they take control in January.
"If the Democrats in the House scuttle this deal, we will -- that will be the first thing we do, is prevent these job -- killing tax increases," Rep. Paul Ryan, R-Wisc., said on "Fox News Sunday." "And we'll do it retroactively after the first of the year."
The deal will also cut Social Security payroll taxes and extend unemployment benefits.
"We believe that when it comes back to the House, that we will get a vote, and that we'll prevail there, because at the end of the day, no one wants to see taxes go up on 150 million Americans" on New Year's Day, Axelrod said. "No one wants to see 2 million people lose their unemployment insurance."