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Deadlock in 'fiscal cliff' talks

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    Wendell Goler reports from Washington, D.C.

  • Duration 3:14
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December 3 on the calendar now America 29 days left into the nation's economy goes over that so called fiscal cliff.

In the White House and congressional Republicans said to be deadlocked.

President Obama release his plan last week it includes one point six trillion dollars in new tax increases.

Fifty billion -- new stimulus spending stimulus rather and new power to raise the debt ceiling without congressional approval.

House speaker John Boehner Treasury Secretary Tim Geithner both appearing with Chris Wallace on FOX News Sunday.

Well right now I would say were nowhere.

Period we're nowhere.

Other we've put a serious offer on the table by putting revenues up there to try to get this question resolved.

-- the White House has responded to virtually nothing they've actually asked for more revenue than they've been asked him for the whole entire time there and it.

Come a tough position now and it's going to be the -- -- a little hard for them now and they're trying to figure out where they go next.

And then we might need you more time affair with -- -- next but what we did is I think we expect from us as we laid out a very detailed.

Carefully designed -- spending savings.

And tax changes that helped put us back on -- path of fiscal responsibility.

-- where are we now.

Senior White House foreign affairs correspondent Wendell Goler on the north on Wendell -- either side suggests it would -- compromise.

Might possibly look like.

Not really bill in their -- accusing the other.

-- pushing the nation toward -- fiscal different fact Republicans say Democrats are driving us at high speed toward that cliff like Thelma and Louise.

-- actually we know it's likely Democrats will agree to more spending cuts and they want.

Republicans will.

Give on tax revenue but while Republicans say they will not raise tax rates Treasury Secretary Geithner says they're gonna have to.

There's no path to an agreement.

-- does not involve Republicans acknowledging.

That rates have to go up.

For the wealthiest -- -- sit there is no way to reason meaningful manner revenue relative to size or fiscal challenges.

But just limiting the value deductions for the wealthiest Americans.

There's just not -- room there.

Geithner says he believes there will be an agreement because the alternative is unthinkable but time is running out as you went out built this -- -- tenuous economy to what are Republicans saying Wendell.

House speaker John Boehner says they don't really have a a starting point would Democrats refusing to say what spending cuts they're willing to -- the -- to accept.

And while Democrats say the president made clear in his reelection campaign that he wanted to phase out the bush era tax cuts for -- upper income earners.

Boehner says he's now asking for much more than that.

The president to ask you for one point six trillion dollars worth of -- new revenue over ten years twice as much.

As he's been asking for a public.

He -- stimulus spending.

In here that exceeded by the amount of new cuts that he was willing to consider.

It was not a serious off.

Politically each side wants the other to hold as much as possible of an old an agreement that probably neither of their constituencies are gonna light.

Built Wendell thank you when the -- -- on the north on there at the White House market -- -- back.

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