Fiscal Cliff Negotiations: Trying to Make a Deal

Jon Karl reviews current proposals and how they might affect American families.
1:25 | 12/18/12

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Transcript for Fiscal Cliff Negotiations: Trying to Make a Deal
He returned to south florida where they intercepted him. And the dow jones. What is on the table tonight? Is a deal close? How does it affect your family? Jonathan karl here with that. Jon? Reporter: With everybody's taxes at stake here, both sides have made big concessions to try to get a deal. President obama has agreed to limit the cost of living increases for people getting koeshl security. Somebody retiring this year. That could mean $130 a year by 2013 and less that have. A big deal for democrats. Meanwhile from republicans, speaker boehner has agreed to raise tax rates on the wealthy. Specifically those making $1 million a year. There are 280,000 people making that much a year. And alex rodriguez, made $30 million. Next year alone, he could pay $1.3 million more in taxes. I got to tell you, despite the concessions on both sides there are is pes mismg here about getting to a deal. The officials will work on a backup deal to pursue if all talks collapse. Well, as least concrete things now on the table.

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

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