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A deadline like that is not unusual. If you're not happy with the offer, it's time to bring that up and say you were hoping for more compensation. It's possible they won't be in the mood to negotiate, so proceed carefully.
I hate when they give a deadline like that because that is a hard decision to make in a day. You can still negotiate though. I would go back immediately with your counter offer and see what they say.
“I am very interested in the role and hope to accept, but I would like to explore the possibility of a compensation adjustment to better reflect my [unique skills/market conditions]. Would the following compensation package be possible?”
[Followed by bulleted terms of counteroffer]
In all honestly this should have been established prior to going through the interview process. But reach out to the recruiter, tell them you are very excited about potentially working there, but you would like to review and discuss the compensation.
Up to you bud
Did you end up accepting? And negotiating?