Members from both parties in Congress say they believe a deal is possible to prevent Washington from going off the so-called "fiscal cliff" on Jan 1.

If Congress and the White House fail to reach an agreement on the federal budget, major tax hikes and some spending cuts will automatically go into effect by the first of the new year.

"We need to put politics aside," Sen. Saxby Chambliss, R-Ga., said. "The election is over."

Now several lawmakers say that doesn't have to happen.

"I think there is a deal. Look the ying and the yang of this is that we know there has to be revenues," Sen. Bob Corker, R-Tenn, said. "And… I haven't met a wealthy Republican or Democrat in Tennessee that's not willing to contribute more as long as they know we solve the problem."

President Obama and Speaker of the House John Boehner have also said they're open to compromise.

But some sticking points remain, including how to bring in more money in taxes from high-income Americans.

Republicans want to close tax loopholes, while the president wants to raise tax rates.