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Pelosi: 'Fiscal cliff' deal must have tax hikes on wealthy

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    Doug McKelway reports from Washington, D.C.

  • Duration 3:33
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Our -- -- it could be a fiscal cliff hanger.

The clock is ticking right now on a deal to avoid monster tax hikes and mandatory budget cuts.

Democrats over the weekend throwing down the gauntlet saying no tax hikes and there is no deal.

But -- brain power this morning America's news really -- -- -- -- -- -- days which have a beautiful little luck.

And happy be here.

The security of our government on an issue I'm Bill Hemmer and we're gonna get John Boehner a moment but it's -- it's a wonderful -- an estimate as we've been downstairs in the closet for -- flat and a closet but we're downstairs from Cuba itself.

Think that welcome and good morning house speaker John Boehner says that there is.

No way Republicans will agree to tax -- he says that cutting tax loopholes is the way to raise more revenue.

But Nancy Pelosi saying that any deal must have higher taxes on incomes above a certain level.

Just to close loopholes as far too little money if it's going to bring in revenue the president's been very clear.

That the higher income people have to pay their fair share.

Mean so where does that leave us -- we Callaway live from Washington said dad I just noticed that the stock market seems to think that there may be a deal.

In the works today perking up a little bit this morning are there any signs that they might be right.

Well there there might be Martha you have to go back -- the White House meeting on Friday with congressional leaders afterwards leaders from both parties addressed the media together now.

Typically -- these kinds of situations if negotiations are not going well party leaders will address the media separately so perhaps that's encouraging.

That said both sides are staking out their negotiating positions.

The president wants to see the bush your tax cuts expire of course on the top 2% of earners individuals making over two -- -- thousand dollars year couples making over 250000.

Republicans say though that that would barely make good.

And in the deficit.

It doesn't solve the problem.

-- if if we take the president's a deal that he has brought to the table.

You know how many days that that pays for the federal government.

Not it -- eight days not eight months not eight weeks eight days.

Republicans would like to see as you just reported tax deductions on the wealthiest -- captain some tax loopholes closed and discretionary spending cut way back but Democrats criticized that proposal in the same way that Republicans criticized than -- Has not go forward.

And you have to cut some investments if you cut too many you are hampering growth here hampering education.

And investments in the future.

The democrats' opposition to capping deductions may be grounded in self preservation in the Wall Street Journal is reporting today that limiting personal deductions would hit Democrat leaning Blue States especially hard.

States like new York and California those in the states -- taxpayers have the highest itemize deductions Martha and.

Right so we hear that the president did weigh in on the fiscal cliff issue.

On his trip back to Thailand and Cambodia -- say well.

It during that the -- press conference with Thailand's prime minister the president asked for a little bit of divine guidance.

We've -- when I go to church.

Back call and different for boo -- smokers wishing me well I'm gonna.

Take whatever.

Good vibes he can give me.

Took to try to deal with -- some -- is back home.

Wall Street hopes those prayers are answered US companies are pulling back on investments according to the Wall Street Journal at the fastest rate.

Since the recession -- mother has depressing report and thank you very much so at the bottom of the.

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