(CBS) - Now that the votes have been counted, both sides say they are willing to compromise on a deal to avoid the "fiscal cliff".
President Obama called leaders of both parties to start negotiations to deal with the issue. House Speaker John Boehner said Wednesday he is willing to compromise on raising some taxes. Vice President Biden said the Obama administration is willing to compromise as well.
The "fiscal cliff" is across the board tax increases and spending cuts scheduled to kick in at the end of the year. Economists say the impact could push America into another recession.