House Speaker John Boehner
Orlando, Florida -- President Barack Obama may have four more years, but he has less than two months to avoid a fiscal cliff that could cost the average American household $3,500.
And reaching a compromise won't be easy with Democrats retaining control of the Senate while Republicans still hold a majority in the House, giving them the ability to block the President's every move.
Yet, Wednesday the narrative from both parties was all about compromise and bi-partisanship.
"[Americans] don't want this division and gridlock that we've had," said Sen. Bill Nelson of Florida the morning after winning re-election. "I've never seen it as polarized and as excessively partisan as it has been but this has to change."
"Listen, we stand ready to work with any willing partner; Democrat, Republican, or otherwise who shares a commitment to getting those things done," added House Speaker John Boehner, a Republican from Ohio.
University of South Florida Professor of Political Science Dr. Susan MacManus said she was not surprised by the talk of cooperation on Wednesday, largely because of the looming fiscal cliff.
"That's certainly the pressure point for both parties, they can't let the nation go nosedive into another recession and the market tanking again today is just an indication that there's uncertainly in the business community."
The fiscal cliff is a series of nearly $500 billion tax hikes and spending cuts that could go into effect at the beginning of next year if the president and lawmakers fail to reach a deal.
Experts say on the table will be dozens of expiring tax breaks including lower rates for all taxpayers adopted by the Bush administration. The president, however, has said he'll veto any plan that extends the Bush tax rates for the wealthy, creating a possible showdown with Republicans.
"For two years our House majority has been the primary line of defense for the American people against a government that spends too much, taxes too much, certainly borrows too much when it is left unchecked. And in the face of a staggering national debt that threatens our children's future, our majority passed a budget that begins to solve the problem. Now, while others chose inaction in the face of this threat, we offered solutions -- and the American people want solutions," Boehner said.
But regardless of what anyone suggests, Nelson said one thing that won't happen is sequestration.
"So, what you will find is the way you solve the deficit problem is the reverse of how you got in it. You restrain spending but you produce tax revenue and the way you do that is through reform of the income tax code by getting rid of a lot of the tax loopholes."