The great American debt challenge has been an issue of debate for a while now. The Whitehouse has been holding business round-tables involving many economic leaders who were initially against the tax issue. However, their grip has been crumbling as the pressure of finding an alternative before the year ends is increasing, reported New York Times.

"We recognize that part of the solution has to be tax increases," New York Times quoted David M. Cote, CEO of Honeywell.

"That's the only thing that allows a reasonable compromise to be reached," he added.

The brokerage firm, TD Ameritrade, recently conducted a survey about the public's New Year resolutions in which 43 percent of the Americans were optimistic about the country's economic condition for the coming year. The public is still upbeat about the fiscal deficit and believe that the economy is on a rebound, stated CNN Money.

"I think people are sensing that the worst is over, especially in terms of the jobs and housing markets," J.J. Kinahan, chief derivatives strategist, TD Ameritrade said to CNN Money.

"They've accepted that they'll see higher tax rates but are willing to find a way to make that work. On an individual basis, people are much better at managing their finances coming out of the recession." he added.