'Fiscal Cliff': Obama, Republican Leaders' First Meeting

The stakes are high for leaders to make progress in the first meeting on "fiscal cliff" talks.
3:00 | 11/16/12

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Transcript for 'Fiscal Cliff': Obama, Republican Leaders' First Meeting
President obama has his first face-to-face meeting with congressional leaders over the fiscal cliff set to hit january 1st. Let's go to abc's jonathan karl for more on that. Reporter: There's not much As one senior white house official told me, this has to be a real start to this meeting. There's no time for photo opes or show meetings. I'm told the president is going to kick things off with a public statement, reiterating his firm position that tax rates on the wealthiest 2% must go up. He will not waiver on that, even as he wants to cut taxes or extend tax cuts for everybody else. That would appear to put him on a collision course with republicans who said raising tax rates on anybody is unacceptable. So, george, potential collision course. But I've got to tell you, both sides are saying they believe something can and must be worked out. But to be clear, working things out, the bottom line is wealthier are going to pay more one way or the other. Reporter: That's absolutely the case. Even republicans at this point concede that the wealthy has to pay more taxes. They want to do it by closing some of the loophole, not by raising the rates. Jon karl, thanks very much. The clock is ticking.

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

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