Possible Breakthrough in the Government Shutdown

Both sides planning to meet to avert economic disaster and break through the gridlock.
3:00 | 10/10/13

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Transcript for Possible Breakthrough in the Government Shutdown
We have breaking news out of washington tonight. On the search for a deal to break that stalemate. All eyes on the white house where minutes ago, republican leaders emerge from a meeting with the president. So, is there new hope tonight or not? We go straight to jonathan karl on the latest right now. Jon? Reporter: Diane, the top republican leaders just left the white house about 30 minutes ago. They had met with the president for over an hour and an extraordinary development, they left without saying anything. Now, what we're just hearing in the last few minutes is that both sides are calling this a productive meeting, saying that talks will continue tonight. As you know, just on the rumors of this deal, wall street was way up today. Why does wall street finally like what it's hearing out of woug? Because of this. So what we want to do is offer the president today the ability to move. Reporter: Long last, movement. The speaker of the house offering to at least postpone the worst case scenario. A default by the u.S. Government which would trigger economic meltdown. Here is how he put the offer. Temporary increase in the debt ceiling from his willingness to sit down and discuss with us a way to reopen the government. Reporter: The temporary increase would delay the d day of default of six weeks. I think longer is better but avoiding a crisis is better than having a crisis. Reporter: The president said he wouldn't negotiate while the government is shutdown. Is this what wiggle room sounds like? Is the president willing to engage in budget negotiations with the republicans if the government is still shutdown? I think the president has been very clear on that. Tax breaks for millionaires -- you know, forcing shutdowns or default. Reporter: Very long answer to a yes or no question. Our position is clear. Reporter: What I was just told, diane, by a senior republican leadership aid in the house is that the president listened to this offer from the republicans of this short-term increase and did not say yes, he did not say no. The talks will go on tonight. I've got to tell you, it is quite extraordinary to see a meeting like this all the mics and canal ras were set up for the republicans to come out to talk. None of them said a word. That may be the most positive thing of all. Nobody was calling any names here after this meeting, at least not yet. Jon, and again they are going to keep talking tonight. Thank you.

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

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