Politicians in Washington are being urged to work together to avoid what's been labeled the 'fiscal cliff.'
The 'fiscal cliff' refers to tax increases and spending cuts that will automatically go into effect in January unless a compromise is met.
What will happen if no deal can be made?
According to the Congressional Budget Office, middle income families would pay about $2,000 more next year.
The tax hikes starting January 1 would be the steepest in 60 years.
It may also mean up to 3.4 million jobs could be lost.
Defense spending would be cut 10 percent and Medicare would lose $11 billion.
According to business experts, stocks could plunge.
The CBO estimates the total cost of the cliff in 2013 would be $671 billion.
Two prominent Ohioans are on the opposite ends of the political spectrum; still optimistic a deal can be reached.
House Speaker John Boehner said Republicans want to cooperate with President Barack Obama on reducing federal deficits, but not by raising income tax rates which Boehner says would hurt job creation.
"We are not going to hurt our economy and make job creation more difficult which is exactly what that plan will do. It's not the direction we want to go because it's going to hurt job creators in America," said Boehner.
"Republican leaders typically want to protect wealthy taxpayers from tax increases. That seems to be their objective most of the time, but they're going to have to compromise on this. That's what the election said and that's what the public is saying now," said Ohio Senator Sherrod Brown.
Talks are scheduled to begin Friday between the White House and congressional leaders.
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