Considering the fiscal cliff involves complex spending cuts and tax hikes that would take effect early in 2013 – that leaves them precious little time.
And as far as Larry Kudlow can tell - it won't be enough time.
“I can tell you from working in the White House during the Reagan years, you don’t just snap your fingers and get a deal. These things can take months,” said Larry Kudlow. “I can tell you from my experience in politics that they’ll debate and debate. There is no way it resolves quickly.”
That's a serious problem, especially in light of new research from Jeff Kleintop of LPL Financial that shows the market is expecting a quick compromise after the election.
"Remember we didn't see a quick compromise last year when we had to raise the debt ceiling," reminds Kleintop during a live interview on The Kudlow Report. His research suggests the fiscal cliff debate will play out in similar fashion. "It was gridlock then, and it looks like it will be gridlock again."