Last week after the presidential election, Fitch Ratings said Obama will need to quickly come to a budget agreement with Congress over the so-called fiscal cliff or risk losing the AAA rating Fitch has on U.S. debt.
The fiscal cliff refers to the collection of tax increases and spending cuts scheduled to take effect in January unless a deal is reached. Economists have warned that the U.S. economy will be pushed into a recession next year if the fiscal cliff is not averted.
Obama met at the White House on Friday with congressional leaders as negotiations over the fiscal cliff began in earnest. Obama said "tough compromises" would need to be taken.