C. to arrive at an immediate compromise on the fiscal cliff, the series of tax increases and spending cuts that would trigger a recession next year.

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The fiscal cliff includes automatic, across-the-board spending cuts set to trigger at the beginning of next year if Capitol Hill fails to work out a deficit-reduction plan.

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We cannot afford a stalemate on the fiscal cliff, because it would reduce economic activity by 3-5% in 2013 and trigger another recession with higher unemployment.

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The first is the fiscal cliff, which is extremely time-sensitive and has to do with December 31st deadlines that trigger, if Congress doesn't act, substantial tax increases for everyone, including the middle class, and that trigger across-the-board spending cuts, the combination of which would, by many estimates, not be very good for the economy.

WHITEHOUSE: Press Briefing by Press Secretary Jay Carney,