Leading U.S. lawmakers say they're confident they can come together to prevent America from driving over the "fiscal cliff." Both sides say there's a greater willingness to compromise now to avoid "Taxmageddon."
Last week, Republican and Democratic leaders agreed on an outline to reform the tax code and government benefit programs next year.
But they first need to put the brakes on the country falling over the fiscal cliff at the end of this year. That's the $600 billion combination of across-the-board tax increases and spending cuts set to begin in January that could send America's fragile economy back into recession.
"The two sides have identified the tax revenue that we're willing to discuss, and now it's time to talk about the spending reductions," Rep. Tom Price, R-Ga., told CNN's "State of the Union."
"That's the prescription for moving forward because again if we pass something that doesn't solve the problem, then the American people are going to be as irritated in the future as they are right now," he said.
House Minority Leader Nancy Pelosi, D-Calif., told ABC's "This Week" that President Obama is sticking to his guns on raising taxes on the wealthy.
"So just to close loopholes is far too little money, if it's -- and it could be they have said they want it to be revenue-neutral," Pelosi said. "If it's going to bring in revenue, the president has been very clear that the higher-income people have to pay their fair share."
Americans are skeptical of a deal being reached. Business owners and investors are rapidly maneuvering to shield themselves from possible higher taxes next year.
Many investors are shedding investments, which is contributing to recent sell-offs in formerly high-flying shares like Apple and Amazon.
Louisiana Gov. Bobby Jindal said it's crucial both sides do more than a temporary fix.
"When it comes to this fiscal cliff -- I was in Congress -- I guarantee if they just put a Band-Aid on this, we'll be at another fiscal cliff in a few months from now," Jindal told "Fox News Sunday."
"We need structural changes and that could be a balanced budget amendment to the Constitution, a super majority vote, before they raise our taxes," he said.
Sen. Kelly Ayotte, R-N.H., who responded to the president's weekly address, summed up the situation by saying, "Power sharing is an opportunity, not an obstacle, and getting our fiscal house in order is where we need to start."