Senate Majority Leader Harry Reid (D-Nev.) told reporters Tuesday that it will be "extremely difficult" to get a deal done to avert the "fiscal cliff" before Christmas.

“We can do things very quickly, but this is not something we can do easily, at least as far as bill-drafting goes,” he said. “But until we hear something from the Republicans there’s nothing to draft.”

House Speaker John Boehner (R-Ohio) and Senate Minority Leader Mitch McConnell (R-Ky.) said earlier Tuesday that President Obama would have to offer spending cuts to move negotiations forward. The White House responded that they have already offered specific cuts and that Republicans have yet to offer specific revenue.