(CNN) – Republicans and Democrats alike voiced confidence Sunday that a deal could be struck to avoid tumbling over the so-called "fiscal cliff," though specifics on such a deal remained vague.

The two sides have until the end of the year to negotiate a budget-cutting deal to prevent middle class tax cuts from expiring and massive across-the-board budget cuts from taking effect. Democrats have largely favored raising taxes on wealthy Americans, while Republicans insist the solution comes in cutting federal spending.