Ryan Alexander at Taxpayers for Common Sense explains. "The markets are jittery because they don't see a way forward. The economy is fragile because we're still in a recovery period and it's time for the President and the speaker and all of Congress to kind of step up, make some difficult choices and step back from the cliff," said Alexander.
Without a deal, the non-partisan Congressional Budget Office says the combination of automatic year-end tax increases and spending cuts which constitute the fiscal cliff - could nudge the U.S. economy back into recession.
Budget expert and former Republican Congressman Bill Frenzel says time is running out.
"The president's going to have to give a little, the Senate's going to have to give a little, the House is going to have to give a little bit more. And I believe that because the consequences are so bad, they are going to come to agreement," said Franzel.
The White House says failure by Congress to reach a budget deal could reduce consumer spending by nearly $200 billion next year and cut economic growth by 1.5 percent.
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