'Fiscal Cliff' Looms For President, Congress


UPDATED: Wednesday November 7, 2012 5:24 PM

A day after the election, stocks dropped as Americans turn their attention to the budget debate.

There are 56 days until a 'fiscal cliff," which could result in massive tax hikes and spending cuts that could push the economy back into a recession.

"What Americans want are solutions that ease the burdens of small businesses, bring jobs home and let our economy grow. We stand ready to work with any willing partner. Democrat, Republican or otherwise, who shares a commitment to getting those things done," said Republican Speaker of the House John Boehner.

Boehner said he wants the gridlock that has gripped Washington to end, but he sent few signals of where Republicans may offer compromise.

"It is better to dance than to fight. It is better to work together. Everything doesn't have to be a fight," said senate Majority Leader Harry Reid.

Reid said Democrats are ready to find common ground.  It's a theme echoed by Ohio Sen. Sherrod Brown, who also won re-election last night.

"I think there is room for compromise," Brown said at a Wednesday press conference. "I try to every time I get an idea from the roundtable, or I'm out speaking to people, I take them to Washington and get a Republican to work on it with."

Brown said now that the election is over, Reid and minority leader Mitch McConnell can maybe find common ground.

"I think that because Mitch McConnell said what he said about President Obama, that's over with and done. Now, we can look forward.  And I think members of the Senate will start doing what I've tried to do and use that as a formula," Brown said.

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