US President Barack Obama returns to Washington today, after cutting short his Christmas holiday in Hawaii.
He will attempt to revive budget talks aimed at dealing with the fiscal cliff.
The fiscal cliff is a series of spending cuts and steep tax rises that will come into effect on the first day of the New Year unless politicians in Washington reach a deal.
Economists warn that introduction of the measures could send the US economy back into recession.
The growing worries and pessimism have already hit US stocks - the benchmark S&P index suffered its worst drop last week over the gridlock surrounding the talks.
Meanwhile, the US Treasury has said it will take "extraordinary measures" to delay reaching a statutory year-end borrowing limit of $16.4 trillion and avert a potential US default.
Treasury Secretary Timothy Geithner said uncertainty over the outcome of the fiscal cliff negotiations made it difficult to determine how much time those measures would buy.
Congress is not expected to return until Friday.
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