Bold Prediction on Fiscal Cliff

What does Geithner say the Republicans will do and how steep is this cliff for middle-class families.
2:12 | 12/02/12

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Transcript for Bold Prediction on Fiscal Cliff
down, no americans were killed. The fiscal cliff took a new turn today. Treasury secretary tim geithner making a bold prediction that the republicans will go along with a tax hike for the healthy. It didn't sound that way on the other side. What is at stake for the average american family? Wi0 days to go until the deadline? David kerley at the white house tonight. Reporter: President obama and his white house team appear confident with the stronger hand in talks with house republicans, demanding and believing tax rates for the wealthy are going up. There is no responsible way we can govern the country with those low rates in place for future generations. Those rates are going to have to go up. I was flabbergasted. I said, you can't be serious. Reporter: The two sides are seriously far apart. The president wants $1.6 billion over ten years. The speaker wants half that. The president wants spending cuts, $600 billion. Not enough, says the speaker. If we gave the president 1.6 trillion of more money, what do you think he is going to do with it? He is going to spend it. That is what washington does. They have to come to us and tell us what they need. We can't keep guessing. So the ball is in their court? Absolutely. And ey understand that. Reporter: The good news, it appears the mortgage reduction is not part of the talks. So if they don't make a deal and if we go go over the fiscal cliff what does it mean for you. Nearvery person will pay more taxes, between 2,000 and 2400 per family. We enjoyed a 2% cut in payroll taxes. That will disappear. And the government will start cutting, $500 billion in spending, half at the pentagon and the other half from federal spending for education, transportation and food safety and research. All of that could send all of us back into recession. Where do the talks stand? Boehner says they are nowhere. And the speaker has a description for the president's behavior, it's roll over and do what I say. Not a good sign with 30 days until the cliff. David, thank you. Now to a surveillance tape causing real concern this

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

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