Brian Mason says the Progressive Conservatives have continually failed to disconnect day-to-day spending from volatile oil prices.
To do nothing would add $20 billion in debt over the next three years just to run the government, finance minister says.
Americans are expected to buy more this year, which will help boost US manufacturing output.
Obama says compromise could even be done quickly.
US ambassador David Jacobson says fiscal cliff won’t be felt immediately.
Harper tells business forum US won’t reach economic heights from a decade ago.
Canada’s economy and jobs performance could become a victim of US politics, analysts say.