America's economy is set to reach the infamous fiscal cliff in just 18 days and there's still no solution in sight.

President Barack Obama and House Speaker John Boehner, R-Ohio, met Thursday night for their second face-to-face session in the past five days.

The president said negotiations are still a work in progress. But Boehner has said Obama is still not serious about spending cuts.

Meanwhile, there is growing concern about what will happen if no deal is reached. Federal Reserve Chairman Ben Bernanke said the standoff is already having an effect on the economy.

"Even though we've not yet even reached the point of the fiscal cliff potentially kicking in, it's already affecting business investment and hiring decisions by creating uncertainty or creating pessimism," Bernanke told members of Congress.

CEOs from some of the nation's largest corporations sent a letter to the president earlier this week. In it, they urged him to get a deal with tax and entitlement reforms.