Now to the wrangling over the fiscal cliff, sending shock WAVES TO AMERICA'S 401(k)s. Take a look ap the deadline is just 11 days away and lawmakers are heading home for the holidays. Shortly before... See More
Now to the wrangling over the fiscal cliff, sending shock WAVES TO AMERICA'S 401(k)s. Take a look ap the deadline is just 11 days away and lawmakers are heading home for the holidays. Shortly before we came on the air, the president came out swinging with a message for congress. Abc's jonathan karl tells us where things stand tonight. Reporter: The president made one last appeal tonight before washington goes on vacation. As we leave town for a few days to be with our families for the holidays. Everybody can cool off. Everybody can drink some eggnog. Now is not the time for more self-inflicted wounds. Certainly not those coming from washington. Reporter: But the two sides don't even seem to be trying anymore. What are we going to do now? I'm interested in solving the major problems that face our country. That means house leaders, senate leaders and the president are going to continue to work together to address those concerns. Reporter: Speaker boehner says the only way out is a deal that cuts spending and reforms the tax code. Even he seemed to suggest that is virtually impossible now. How we get there, god only knows. Reporter: Boehner attempted a so-called plan b last night, a bill that would have extended tax cuts for everybody except millionaires, but his own plan was rejected by his own party. In the face of opposition from conservatives unwilling to see taxes go up on anybody at all. Reporter: Let me get this straight, you won't support raising taxes on people who make over a million dollars a year. I won't support crazing taxes on any american. Reporter: People that make $10 million? Absolutely. So with the president heading to hawaii and congress on holiday, how do they come to a deal before the end of the year? Congress will return two days after christmas, so there's some time, a little time, for them to try to do what they have failed to do for months. As for the president, he said he will fly back to finalize any deal if there is a deal to be finalized after christmas and before the new year. But it takes time to pass an agreement even once it's reached. We shall see. Thank you, jonathan karl reporting.
This transcript has been automatically generated and may not be 100% accurate.