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Edge of 'fiscal cliff' in sight

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    Both sides remain far apart as deadline approaches

  • Duration 2:20
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And -- that subject Washington did not get a fiscal -- deal for Christmas and that means the President Obama and lawmakers will need.

To kick it into overdrive in order to get something done by New Year's chief White House correspondent Ed Henry reports.

That is a lot easier said than done.

How we get there and god only knows.

After weeks of bitterness over the fiscal cliff does not simply -- contest.

Between parties.

In terms of who looks good and who doesn't about the only thing both sides agree on now is Christmas may provide a cooling off period.

-- -- -- -- For -- meg not.

Have some Christmas cookies.

Sentencing some Christmas carols.

Enjoy the company of loved ones hope springs eternal.

And I know we have it in us to come together and to do the right thing.

-- one that Christmas trees come down tomorrow from Waikiki Beach and elsewhere the nation wolf finally be staring at that cliff.

Which economists have warned could spark a new recession.

And the fact is both sides are further apart here -- their friendly holiday messages would suggest an -- no serious talks since late last week.

With Democrats charging big -- conservative colleagues have been so.

Adamant about not raising tax rates on any one.

It put the speaker in a box leading to the collapse of both plan a a four trillion dollar debt deal at Bader slimmed down plan B.

During the course of these negotiations.

I offered to compromise with the Republicans in congress.

I met them halfway on taxes and I met them more than half way on spending.

-- is skeptical of those promises on spending cuts and believes the real stumbling block is raising taxes will simply lead to more red -- Especially since the president's -- seat.

Unveiled Friday increases tax rates on some -- punting reform of entitlement programs like Medicare.

Until some point next year the best way to address -- crippling debt.

Is to make significant spending cuts in affects our tax code but to pave the way for long term growth and opportunity.

Not an administration official now tells fox it's -- likely the president will be boarding Air Force One on Wednesday to rush back to Washington.

In desperate hopes of a debt deal.

By the end of the year dot.

We shall see Ed Henry and -- -- thank you very much.

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