US President Barack Obama has warned that the country could slip back into a deep economic crisis unless a consensus is hit on fiscal deal in the next ten days.

Mr. Obama said a deal was necessary to avert tax increases on middle class citizens and check long-term unemployment benefits for unemployed people from getting expired.

He stressed that both the ruling Democrats and the opposition Republicans together could prevent the crisis.

In his address to the White House, Mr. Obama said, "We're only going to be able to do it together. We're going to have to find some common ground. But we've only got 10 days to do it."

Over the past few weeks, the US President worked with leaders of his party as well as Opposition to create consensus on a proposal to bring the fiscal deficit under control.

The proposal aims to prevent tax increases on the middle class people, create more jobs and spur economic growth. While it proposes to cut public spending, it also asks wealthy citizens to pay more. In short, it aims to strengthen the middle class and grow the economy over the long haul.

The US President added that he wanted 2013 to be a year of strong economic growth.