BOISE -- Congress has just 45 days before the country hits the deadline known as the fiscal cliff.

I think we're all aware that we have some urgent business to do, said President Barack Obama.

Come midnight on December 31st, several laws are set to expire. Congress is now scrambling to find common ground before time runs out.

President Obama hosted congressional leaders Friday hoping that they can get a deal done before the deadline. Idaho Congressman Raul Labrador says Republicans will compromise, but Democrats need to give a little as well.

Ever since Obama won the election, talk of the fiscal cliff has dominated the news. House Minority Leader Nancy Pelosi, along with Speaker John Boehner from Ohio met with the president Friday.

We had a recognition that every person in America knows that we must reach agreement, said Pelosi.

It's going to be incumbent for my colleagues to show the American people that we're serious about cutting spending and solving our fiscal dilemma, said Boehner.

Labrador says he's met with leaders a handful of times talking about what needs to be done to avoid the cliff.

Well, not everybody is going to be happy, said Labrador. I think the bottom line is that I think it's silly for Republicans to keep talking about putting revenues on the table when the Democrats have not even been willing to talk about cutting any spending.

Labrador recognizes that compromises need to be made, and that means for him Republicans be willing to look at reforming the tax code to bring in more revenue. But he says it goes both ways.

For me to even consider new tax increases, I want spending cuts today that will happen today, not 10 years from now, said Labrador.

While 45 days seems like a lot of time, for Congress, it's not. Labrador hopes a compromise can be made before this becomes another midnight decision.

We are working hard on this. It's not like we're sitting around doing nothing. We're working hard on this, it's just we got to come to some sort of consensus, and obviously the consensus is not there right now, said Labrador.

Labrador has a lot more to say on this issue. He's going to appear Meet the Press this Sunday. The NBC News program airs at 9 a.m. on Channel 7.

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