President Obama said that he believes that an agreement can be reached. The agreement will allow the on-going fiscal cliff to reach a positive climax. If an agreement is not reached then tax hikes and spending cuts would be in effect without a delay on Jan 01. 2013. President also issued a warning that warned that if the Senate leaders fails to come to an agreement then he would push for a vote to vote on a proposal with a view to block the cuts on spending and tax hikes.
President is confident that if a proposal is presented then it could be passed at both houses with the bipartisan majorities.
This stand by President Obama was a move to increase political pressure on the Republicans. If a deal cannot be reached then the Republicans could discover themselves in a position to block legislation to prevent tax increases for the taxpayers.