Fiscal Cliff Countdown: Negotiations Still Stalled

George Stephanopoulos tracks the latest political news.
3:02 | 12/02/12

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Transcript for Fiscal Cliff Countdown: Negotiations Still Stalled
We'll turn now to if fiscal cliff, 30 days from an economy-crippling deadline. Yet talks seem to be going nowhere. Treasury secretary timothy geithner will be the guest on "this week" with george stephanopoulos. Last weekend, you sat right here and you said you were reasonably optimistic that a deal could be afoot. In the intervening week, lot of trash-talking from both sides, can we still be somewhat hopeful? This week was a rough week in these negotiations. Trry secretary geithner when he went up to capitol hill, mitch McConnell laughed when they got the offer from geithner. House speaker boehner said that the talks are at a stalemate. Democrats said they're not going to make another move until republicans say they're going to go for an increase in tax rates. So, this is stalemate right now. Now, these things always look horrible when they come together. More and more voices say, this is going to go over the fiscal cliff at least for a few days in january. If we go over the fiscal cliff, voters will likely blame the republicans for that. Is is that true sf. All of the polls show that right now. We know that the tax hikes go up. Ben bernanke, the fed chairman, fears that it will throw the country into a recession. They have to be careful here as well. But democrats and the president clearly believe that they have the leverage to force an increase in these tax rates on the upper income americans before they agree to a deal. We'll all be watching the stock market as well. The president also concentrating on recasting his new cabinet and one name that came up yesterday is a replacement for leon panetta at the defense department. It's possible, this is a real game of musical chairs right now. The president has to fill at least three big jobs, secretary of state, cia. If the president does not choose susan rice that means kerry goes to state and hagel goes to defense. We just don't know right now. All of those names are in play as we talk. This wouldn't be his first republican secretary of defense as well. Bob gates. All right, george. Don't miss george's interview with treasury secretary geithner. Now to the all-out search

This transcript has been automatically generated and may not be 100% accurate.

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