President Obama: 'Taxes Going Up One Way or Another'

Barbara Walters discusses whether he thinks a deal with the GOP is possible.
1:39 | 12/12/12

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Transcript for President Obama: 'Taxes Going Up One Way or Another'
We're beginning with an abc news exclusive interview with president obama. We learned the president and house speaker john boehner have traded new proposal affecting everyone's wallets, specifically whether our taxes go up at year's end. Jake tapper has the new details. Reporter: President obama minced no words in an exclusive interview with abc's barbara walters. Taxes are going to go up one way or another. And I think the key is to make sure that taxes go up on high-end individuals, like you and me, barbara. We can afford it. Reporter: The president told barbara walters, he remains optimistic. Are we going over the fiscal cliff? I'm pretty confident that republicans would not hold middle-class taxes hostage to protect taxes for high-income individuals. Reporter: The president and house speaker john boehner are talking. The president made an offer monday, asking for $1.4 trillion in new taxes over ten years. Including raising tax rates on the wealthy. The speaker counter on tuesday. Offering $800 billion in new tax revenue, all from closing loopholes and limiting deductions. House republicans say they need more specificity from the president on spending cuts. Where are the president's spending cuts? The longer the white house walks this process, the closer our economy gets to the fiscal cliff. Reporter: And the president argues that he outlined spending cuts in his last budget proposal, more than $550 billion worth. They're still on the table. Negotiations will continue later today. Josh? As that cliff looms. Jake tapper, thank you for that.

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

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