Alan Krueger, chairman of the president's Council of Economic Advisers, warns that consumer spending will drop if Congress and the White House fail to reach a deal on spending cuts and tax increases. Jewel Samad/AFP/Getty Images hide caption

itoggle caption Jewel Samad/AFP/Getty Images

How long and how late will talks go? (The Capitol dome.) Karen Bleier /AFP/Getty Images hide caption

itoggle caption Karen Bleier /AFP/Getty Images