"Unfortunately for the last 10 days, with the House and Congress gone for the Thanksgiving recess... much progress hasn't been made," said Dick Durbin, the No. 2 Senate Democrat. (Read More: 5 Reasons America Won't Fall Off the 'Fiscal Cliff')
Serious negotiations are expected to resume this week as policymakers return to Washington from the Thanksgiving holiday. Democratic and Republican lawmakers have been trying to convince the public that they are willing to compromise and can reach a deal before year end.
U.S. stocks rallied more than 1 percent last Friday, with the Dow ending above the psychologically-significant 13,000 level, in a holiday-shortened session. Major averages soared more than 3 percent last week, logging their best weekly performance in more than five months.
Euro zone finance ministers, the ECB and the IMF plan are meeting in Brussels to finalize the second bailout package for Greece worth 31.2 billion euros ($40 billion).