The dreaded fiscal cliff has the President heading home early tonight from his Hawaiian Christmas vacation and is flying to Washington to try to reach a deal to avoid the so-called "fiscal cliff".
Senate Majority Leader Harry Reid is expected to be asked to put together a quick deal. White House aides are reported to have already discussed details of the year-end budget measures with Senate Democrat counterparts.
So far, the President and Congressional Republicans have been unable to reach agreement on any alternatives.
If no agreement is reached, then at midnight on December 31st, taxes on all Americans will rise automatically.