John Boehner, the Republican Speaker of the House of Representatives, has said Washington should find a short-term solution to avoid the fiscal cliff and then work on a substantive debt reduction plan in 2013.
The White House and lawmakers have less than two months to deal with the fiscal cliff or $600 billion worth of spending cuts and tax increases due to go into effect at the end of the year.
We won't solve the problem of our fiscal imbalance overnight ... What we can do is avert the cliff in a manner that serves as a down payment on - and a catalyst for - major solutions, enacted in 2013, that begin to solve the problem.
Now Barack Obama has secured four more years in the White House he must tackle the growing list of challenges facing America.
While both parties called for unity in Barack Obama's second term to solve the USA's problems, Mark Austin found voters fearful of gridlock.
Barack Obama has secured re-election as President on a night of drama in America. Here are the best pictures from election night: