The fiscal cliff, a series of spending cuts and tax increases, could take effect in January unless Congress and President Barack Obama agree on a deal.
Obama called on Congressional leaders Friday to comprise to develop a debt relief plan similar to one that was reached in the 1990s.
"We can't just cut our way to prosperity," Obama said. "If we're serious about reducing the deficit, we have to combine spending cuts with revenue."
House Speaker John Boehner agreed that a deal needs to be made.
However, the Republican-controlled House of Representatives and the newly reelected Democrat Obama have ideological differences regarding the cuts and tax increases.
DePaul University Political Science Professor Wayne Steger and tax attorney Dave Henderson weigh in on the dilemma facing lawmakers and the effect it will have on Americans.