Deal or No Deal: 'Fiscal Cliff' Cut-Off 4 Days Away

Average U.S. household may see tax bill go up nearly $3,500 if legislators cannot agree on deal.
3:07 | 12/28/12

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Transcript for Deal or No Deal: 'Fiscal Cliff' Cut-Off 4 Days Away
weekend with her family. We begin with the 11th hour high stakes meeting at the white house late today to avoid the fiscal cliff. But no deal, asanger builds across the country, the clock is ticking. Just four days left before taxes go up for all americans and federal programs see major cuts. We've shown you the math here. The average american household would see their t bill go up nearly $3,500. This evening, president obama telling congress, the american people are watching what we're doing here. He appeared in the briefing room a short time ago. Let's go right to jon carl tonight. Good evening. Reporter: Good evening, david. There are finally signs of life here in washington. After meeting with congressional leaders here at the white house, the president pronounced himself modestly optimistic that a bipartisan agreement can finally be struck that would prevent taxes from going up on virtually everybody in just four days. Reporter: After meeting with the congressional leaders, the president said there would be one more effort to come to a bipartisan agreement to avoid the fiscal cliff. The hour for immediate action is here. It is now. And the american people are not going to have any patience for a politically, self-inflicted wound to our economy. Reporter: There are signs of progress. mitch McConnell and harry reid have agreed to spend the next 24 hours to work a small p keep some taxes from going up. After the meeting, house democrat leader nancy pelosi told us she'sa at least a little encouraged. It was constructive. As I say, candor is constructive, and I think it moved us forward, but we'll see. Reporter: It was the first meeting with the president and all the congressional leaders in six weeks. It follows an impasse that has shaken wall street, the dow down more than 400 points since talks stalled last week. And on main street, business owners like drew greenblatt, who owns a wire basket manufacturing company in baltimore, say the coming fiscal cliff is already causing pain because they just don't know what will happen to their taxes. Right now we're doing our budget. We're deciding how many people we're hiring next year. We're figuring out how many robots and machines we'll invest. Reporter: And across the country all the political bickering had people outraged with washington. I can't believe we've gotten this close. Time for them to turn in their term paper. The parties are trying to outdo each other. Sit down, don't come out of the room until you have this thing taken care of. Reporter: The next 24 hours will tell us whether or not this will be successful. The top democrat and top republican will be working together t try to come to some bipartisan agreement. On sunday, they'll try to present that agreement to the rank and file members of the senate and then onto the house to see if it can pass. It won't be easy and even if they can pull this off, it will be what the president called the bare minimum, extending the tax cuts, but leaving some of the tough issues, especially spending cuts, until early next

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

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