Earth to Congress: we all procrastinate, but this is getting out of hand. The impending threat of the fiscal cliff looms less than a month away, and the nation finds itself clinging to the edge.

The fiscal cliff came about three years ago when the Senate essentially stuck a pin in negotiations to cut government spending. This three-year period was supposed to be used to fix the problem, but nothing was accomplished in that time.

The fiscal cliff is defined by The Washington Post as being the “series of automatic spending cuts and tax increases set to take effect in January.” It is, essentially, the solution that no one wanted, which a congressional supercommittee put in place to motivate our political leaders to change before this less-desirable plan took effect.

Yet Washington still finds itself frantically searching for a solution before midnight, December 31, 2012, when the tax hikes and spending cuts automatically take effect. These cuts are part of a sequester, or sequence of automatic cuts, that are designed to create revenue for the purpose of winnowing down the national debt. Though the reforms would decrease the national debt and government spending, they would do more harm than good.

The effects of going over the fiscal cliff, though not immediate, could be catastrophic, landing the economy in a second recession, spiking unemployment, and reducing gross domestic product (GDP) by four percent. In an effort to avert another financial crisis, Washington is scrambling to find a solution.

This is not as easy as it sounds, because Republicans and Democrats are divided on whether tax increases would be a helpful solution. Republicans believe that tax increases take money from people who would otherwise jumpstart the economy by spending that money. They believe that cutting government funding to programs such as social security, raising the retirement age, and closing loopholes will cure the national debt. Democrats do not want to cut spending, especially with regard to programs they support, such as social security and Medicare. They agree with President Obama that taxing the wealthiest Americans is the ideal solution.

Trying desperately to find a solution that will please both parties and the country as a whole, the President has offered a plan both to cut spending and raise taxes on people earning $250,000 or more. So far he is sticking to his ideas: he says that he “will make no deal on the country’s fiscal future unless congressional leaders first accept tax-rate increases on top earners.” Obama is determined to lower the national debt through this sequester, but he may not be able to if Democrats and Republicans in Congress cannot look past their differences and compromise.

The future of America’s economy rests on Congress’ shoulders. If it cannot regain its footing, we will fall straight off the fiscal cliff.