President Barack Obama and House Speaker John Boehner are back in talks to try to avoid the so-called "fiscal cliff."
They met at the White House Monday for about 45 minutes.
Their staffs negotiated through the weekend following an offer made by Boehner on Friday.
It called for $1 trillion in higher taxes over 10 years and an increase in the tax rate for people making more than $1 million a year.
The offer also included an extension to allow the government to continue borrowing money for a year in return for $1 trillion in spending cuts.
If no deal can be reached a mix of tax increases and spending cuts takes effect Jan. 1.