Americans on Edge As Government Shutdown Date Approaches

Lawmakers on opposing sides work to resolve looming financial cliff for second time.
3:59 | 09/26/13

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Transcript for Americans on Edge As Government Shutdown Date Approaches
Now we head to washington and the growing frustration in the country over another round of name calling and threats to bring the country to a stand still. George stephanopoulos is standing by but we begin with jonathan karl who tells us what the opposeding sides are saying about each other tonight. Reporter: Here we go again, a furious president calling his opponents crazy and a republican party willing to go to the brink. More debt and no reform is absolutely unacceptable. Reporter: The upshot for america, we're just days away from a government shutdown, and worse, today republicans upped the ante, putting together a laundry list of demands including everything from delaying obama care to more off shore oil drilling and spending cuts in exchange for raising the debt ceiling. The president called that blackmail. Sound familiar? Of course it does. Two years ago the same confrontation caused the stock market to tank and america for first time ever to lose its aaa credit rating. Lessons learned, no. The absurdities were on display when ted cruz gave his 20 hour plus speech demanding an end to obama care, bedtime story included. Do you like green eggs and ham. Reporter: John stewart responded. In the land of d.C. In the senate of snooze lived the show boat blab whose name was ted cruz. Reporter: Over at the white house they have decided the best way to strike a deal is not to try. Let me be chris cal clear. The president's position is you still not negotiate over the debt ceiling? Correct. Reporter: Instead of negotiating they are name calling. Today one of the president's top aides said of republicans, quote, what we're not for is negotiating with people with a bomb strapped to their chest. While senator ted cruz compared those willing to fund obama care with those who appeased the nat ZEES IN THE 1940s. Thank you, jon. Now I want to bring in abc's co-anchor "gma." Is the government going to shut down. Most people I talked to today believed even if the house doesn't match what the senate did they'll probably work that out within a couple of days. The big fight is over the debt ceiling. Everyone I spoke to, republicans and democrats, say that the waters are as unchartered as they've ever been. BUT IT'S OCTOBER 17th, THAT Is the one they're worrying about. The consequences are so much more severe. Right now both sides are betting that the other side is going to cave. When I spoke to former president clinton, he completely backed obama saying the cuts are chilling, almost spiteful and even though the consequences are severe, the president must not dpoesht. Nour not going to negotiate you're betting on the other side caving. That's right. This is the house republicans and the tea party people saying we don't want to negotiate with the democrats. We want to dictate over the senate, over the house democrats, we insist on dictating the course of the country -- you have to stand up to that no matter what the consequences? I do. And the consequences are more severe than you can calculate. Everyone knows that this will create an correct catastrophe but right now no solution in sight. He is saying dig in. Dig in. Thank you, george. You can see a lot more of george's interview with the former president, former president clinton, sunday morning on this week. We will be watching.

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

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