This is -- special -- for the -- -- usenet and the president has warned however when you're watching live coverage of fiscal -- 2012. And we're about to bring in house speaker John Boehner he had.... See More
This is -- special -- for the -- -- usenet and the president has warned however when you're watching live coverage of fiscal -- 2012. And we're about to bring in house speaker John Boehner he had. What some describe as a -- telephone conversation yesterday with President Obama let's listen. And in the economy over the fiscal -- To ratio we have very productive conversation at the White House the based on where we stand today -- say two things. First. And despite the claims that the president supports a balanced approach. That Democrats. Have yet to get serious. About real spending cuts. And secondly. No substantive progress has been made in the talks between the White House in the house over the last two weeks. -- this is not a game. Jobs are on the line the American economy is on the -- And this is a moment for adult leadership. Campaign style rallies and one side -- and -- or not the way to get things done here in Washington. Majority leader -- to set a medium of the Treasury Secretary. It was frank and it was direct. I was hopeful we'd see a specific plan. -- for cutting spending. We sought to find out today. What the president really is willing to do. Listen -- remain hopeful that productive conversations. I Camby had -- days ago. But the White House says it's -- Yesterday our leadership team mettler symbols and business leaders. About over in the fiscal cliff in achieving a balanced approach the White House says want. And I've made clear that we put real concessions on the line. By putting revenues on the table right up front. -- -- -- many Democrats continue to rule out sensible spending cuts that must be part. Any significant agreement that will reduce our deficit. -- mr. Bowles himself said yesterday there's been no serious discussion spending cuts so for. And unless there is there's a real danger of going off the fiscal -- Closing -- of fiscal -- war hurt our economy and will cost American jobs. And Republicans have taken action to avert the fiscal cliff by passing legislation to stop all the tax. To replace the sequestered. And pave way. Four pave the way for tax reform and entitlement reform. More than all animals with a balanced plan to protect becoming. -- protect American jobs and protect the middle class from the fiscal. But without spending cuts -- entitlement reforms can be impossible to address -- country's debt crisis. And get our economy growing -- in a great job. Right now all eyes from the White House. -- country doesn't need a victory lap it needs leadership. -- the president congressional Democrats to tell the American people what spending cuts they're really willing to -- Without altering -- -- Democrats what specific. Things you would like he especially did. I've been very clear over the last. A year and a half I've talked the president met many of them -- look at our budget. Where we outlined very specific proposals. On the -- past in last year's budget and the budget from the year before. What we know what the menu it is. What we don't -- what the White House is willing to do. To get serious about solving our debt crisis. Musicians -- stand. You still offering that those talks between eleventh and still be here. Islamic they get into the details but it's very clear. Oh what kind of spending cuts need to occur. And but we have no idea what the White House is willing to do. Point nine and -- Public statement and optimistic and confident hopeful. They -- it. Right now. Away from home at me completely broke down. And -- known stop. Well I -- I don't tell you I'm disappointed. In where we are disappointed -- what's happened. Over the last couple weeks. -- gone over the fiscal cliff is serious business. And I'm here seriously trying to resolve it. And I would hope the White House would -- serious blow. It's -- assessment is this assessment here is based on the meeting with secretary Geithner or your phone call it. President Obama last night. He -- something about that phone call. Well well -- a very nice -- rescission last night it was direct. And -- for. But this that this assessment I give you today would be a product to both of those conversations. How much we can be opened the idea. Discretionary spending cuts is part of the down payment. Tickets to a longer -- solution on entitlements. A lot of options are on the table include him up and before election you're asked whether that Obama won. -- -- -- -- -- -- That was the day after the election I came here and made it clear that Republicans -- put revenue on the table. As a way to begin to move the process to get this resolved. Where you -- -- message from people who will be negotiating position. Fugitives are believed that it's inevitable book excerpts. Actually. Revenue is on the table. But revenue was only on the -- If there were serious spending cuts as part of this agreement it has to be part of the agreement we have a debt crisis. We're spending too much. And while we're willing to put revenue on the table we have to recognize. It's the spend the in this out of control. Roughly what -- spending cuts do you think it would take to reach deal on his -- And -- -- think that at least -- problems spending cuts has to be included in this level deal with the stuff. Why don't actor's. It's -- productive for either side to lay out hard lines in terms of what the size of the spending cuts ought to be. But there's there's clearly there are a lot of options on how you can -- you get there but the second part of your question -- Promise of spending has to be included in the deal that person -- it. Let's there's -- framework that will be presented to the White House to exit. On the framework. Is there's has been agreed to in terms of really. A down payment. On the in division. That would include spending cuts and it would include reverend. Said in upper process for entitlement reform. -- next year air and tax reform next year. This is way out of balance. And not recognition moment part of the White House about the -- -- serious spending problem -- -- do everything I can to avoid. -- putting the American economy the American people. Through. Fiasco but won't over the fiscal -- The one. Could you included openings in the. As I told the president couple weeks ago. There's a lot of things I've wanted to in my life but almost all of them at a price ticket -- -- And it if we're gonna talk about the debt limit. In this -- and over problem there's going to be some price tag associated -- He's standing by -- dollar for dollar. -- I continue to believe. That any increase in the debt limit -- -- -- accompanied by spending and reductions. Of that that meet or exceed. I just heard house speaker John Boehner get an update on the status talks under way to avert a fiscal left. Boehner criticized the president and congressional Democrats who he says are not getting serious about spending cut. He says -- any increase in taxes have to be accompanied by some serious spending cuts. Didn't get specific about what those spending cuts should be but he says the White House has not yet made clear what spending cuts they are willing to make. Boehner said he is disappointed. About where things now stand. Which is in contrast to the optimism President Obama and other leaders were expressing yesterday and which -- -- rally in the stock market. But Boehner did say he will do everything he can to avoid putting the American people into the quote fiasco that would be going over the fiscal -- I'm Tanya Rivero -- New York we're gonna take you back now to our regular program. It's been -- special with the from in the ABC news now.
This transcript has been automatically generated and may not be 100% accurate.