Updated 11/07/2012 05:19 PM
Newly re-elected members of Congress ready to get back to work
Some members of Congress are getting right back to work after winning re-election bids Tuesday. Our Solomon Syed caught up with two of them.
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KINDERHOOK, N.Y. -- Hours after re-election, cheers rang out in Chicago. But the noise on Wall Street reminded Americans we're heading for a fiscal cliff.
"Fiscal cliff is really where all eyes are focused on," said financial analyst Steven Bouchey.
That term isn't a cliché, but refers to a specific date: January first, when some big changes kick in.
"The end of Bush's tax cuts and additional spending cuts," said Bouchey.
Which could risk another recession, unless the president and Congress make a deal on the budget.
Just off re-election, Congressman Chris Gibson says there's no time to waste on issues that could make or break the economy.
"Let's get a grand agreement, that addresses not just temporary, but actually addresses this for up to 10 years forward," said Rep. Chris Gibson.
Gibson believes businesses need that stability to feel safe about hiring and expanding. Democrat Paul Tonko agrees the gridlock needs to end.
"The public made a statement very clearly that they want solutions from their government," said Rep. Paul Tonko.
With talk of bipartisanship filling the post-election air, financial analysts say it'll have to be a quick compromise.
"We are in debt $16 trillion. We have 23 million people unemployed, we need both sides of the aisle to negotiate a deal that's good for the American people, and right now it doesn't look good for the American people," said Bouchey.
Gibson says both sides need to accept they may not get everything they want out of a deal. Tonko says the election should make that clear. Both sides saying all the right things, we'll see how long it lasts.