Biden: Dems ready to compromise on 'fiscal cliff'

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Heather Elggren, who is visiting the D.C. area, said, "Any increase in taxes is gonna make it harder to be able to pay mortgage and be able to take care of the family."

The metro area will feel the sting from the fall of the fiscal cliff more than any other part of the country since the lion share of spending cuts will be leveled here. Large contractors, like CACI, will be affected.

"It will hit us hard. It will cost us about $65,000 federal jobs right off the top," Dr. Steve Fuller, an economist at George Mason University, said.

Fuller said the reduction in military and civilian spending will spread across the local economy.

Grace Deitemyer of Rockville is hopeful as the fiscal cliff nears that Congress and the White House will forge a budget deal.

"I just think that wisdom will eventually prevail, because they will be experiencing it along with their families too," Deitemyer said.

Reid added he anticipates addressing the need to increase the government's borrowing cap early next year and not in the post-election session of Congress.

Some economists and political leaders think we should go off the fiscal cliff as it would be the best way back to a solid economy. But Fuller explained that's like getting the six-pack abs you want via a starvation diet.

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