Congress continues to fight over the nation's finances as the December 13 deadline to agree to a compromise budget looms, but former Republican Sen. Olympia Snowe of Maine warned there will be a big uproar if lawmakers fail to get the job done and on-time.
So far, Democrats have made the first move, suggesting eliminating some tax breaks for the wealthy as a means of raising revenue to replace sequestration cuts. Snowe said there's no reason Republicans couldn't look at closing some tax loopholes, but said the GOP would need to come to the table with their ideas. One way or another, Snowe said both sides need to come together to pass a budget—or else.
"I don't think there's an alternative other than the fact that they have to come out of that meeting with an agreement because I think that frankly, they're going to face a major outcry and backlash from the public, as they should," Snowe said on "Closing Bell."