President Obama, John Boehner 'Taxmaggedon' Showdown

David Kerley looks at the high-stakes duel over America's economic future.
3:00 | 11/10/12

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Transcript for President Obama, John Boehner 'Taxmaggedon' Showdown
brewing in washington this morning. One that will impact the bank account of every american. 1350ek speaker of the house, in a high-stakes duel trying to prevent what is known as taxmageddon. Can they cut a deal here? David kerley at the white house. Reporter: Good morning, dan. Two months until that financial cliff. The president has invited congressional leaders to come to the white house next week. Both sides are talking compromise. But both also put stakes in the ground. Thank you, everybody. Reporter: If you listen to the president -- not went into every detail of my plan. I'm open to compromise. I'm open to new ideas. Reporter: And the speaker of the house -- everything, on the revenue side and the spending side has to be looked at. Reporter: It sounded like a deal to avoid that fiscal cliff of tax hikes, $3,700 for the average familynd masve spending cuts, all possibly sending us back into recession. It sounded like a deal is possible. But then -- I refuse to accept any approach that isn't balanced. Reporter: That means more tax money. Raising tax rates will slow down our ability to create the jobs that everyone says they want. Reporter: And that's the problem. The president declared the election proof that americans agree with his approach, including the rich paying more, even though the congressional budget office says letting taxes increase for the rich, could cost 200,000 jobs. It would be a negative. But it would be digestible. And I think at the end of the day, necessary to address our longm fiscal policy. The opening negotiating position from the republicans seems to be, don't increase tax rates. But get rid of some deductions to bring in more tax money. That may not be enough to keep us from going over that fiscal cliff. But that fall may be enough to force political leaders to finally do something. If we do nail this down, reasonably so, I think the economy's off and running. So, we're just one piece of legislation away from a much stronger economy. Reporter: But getting that one piece of legislation may prove very difficult. The president said the voters picked his path. And the house speaker, rightly points out that americans did return the republican house. Divided government. The question, bianna, can they unite to avoid this fiscal cliff? That is the big question. David, thank you. And now, to the very angry

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