Political Gamble: Some Republicans Willing to Raise Taxes

Potential fiscal cliff has GOP members rethinking no-tax-hike pledge.
2:05 | 11/25/12

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Transcript for Political Gamble: Some Republicans Willing to Raise Taxes
To another giant number on the horizon the one facing lawmakers in Washington the cuts that will kick in -- the taxes that will go up. If they don't come up with a deal to avoid a fiscal cliff at the end of the year and tonight what could be a turning point. Some Republicans saying they are now willing to break that long time pledge of no new taxes. ABC's David Curley is at the White House tonight. With some of -- holiday shopping done President Obama may be getting a gift from some Republicans. Republicans who signed a pledge never to raise taxes this morning on ABC a leading senator. I will violate the pledge long story short for the good of the country only if Democrats will do entitlement reform. And senator Saxby Chambliss also says he won't necessarily abide by the pledge support from a vocal Republican House member to. -- highly respected journalists and -- to -- twenty years ago eighteen years ago is for that congress the world was changed. And the economic situation is different. They are talking about this man's pledge. Americans for Tax Reform president Grover Norquist who has gotten hundreds of Republicans to -- -- Do you feel like you and -- pledge are under assault not what the pledge does of course is allows elected officials. Can make it clear openly to that there voters. Where they stand are they going to be with reforming government are raising taxes to continue more of the same. Norquist threat that he will help fund Republican campaign challenges against any member of congress that violates the pledge so way -- here is saying is. We local over the club I think that we'll continue the tax cuts. That. Not raise taxes 500 billion dollars one Norquist tries to keep Republicans in line. And protecting Medicare Medicaid and education from. Major unions the -- spent 300000 dollars targeting Democrats hoping to stop any cuts to entitlement programs. Congressional staffers met over the holiday week and congressional leaders hope to meet with the president in the coming week there are predictions this could all be wrapped up. Before Christmas. We'll see David ABC's David Curley at the White House tonight David thank you.

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

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