(KCEN) -- President Obama is back in Washington today with a big problem on his agenda.
It has to do with money, by fixing the economy.
Starting with big tax and budget problems.
President Obama is now urging Democrats and Republicans in Congress to compromise before America falls off the fiscal cliff.
Long-term unemployment benefits and the two percent payroll tax cut are both expiring and a big cut in Medicare payments is near.
Also, taxes are going up January 1 if Congress doesn't act, in addition to another 500 billion in cuts at the Pentagon.
The military's second largest supplier already announced a second round of executive layouts.
Senator-Elect Tim Kaine of Virginia said, "Nobody wants to see this fiscal cliff without a deal because the cuts are severe and the tax increases are severe so we have to find a path forward."
Before the election, President Obama said he could come up with a deficit deal in six months.