Fiscal Cliff Battle: President Obama vs. Speaker John Boehner

George Stephanopoulos discusses the latest budget news from Washington.
3:00 | 12/09/12

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Transcript for Fiscal Cliff Battle: President Obama vs. Speaker John Boehner
Good tips and good news finally. We're 23 days and counting until the nation falls off the fiscal cliff. President obama and house speaker boehner are going on with negotiations. We had another week of massive trash-talking, are we closer or further away from getting a deal? They're not really talking right now. That's what's most incredible. There were speeches all week long. Lot of ads on television. Less than an hour of negotiations. One-hour phone call between to president obama and house speaker boehner. Democrats say they're not going to move until the republicans say they're going to be for higher tax rates on the wealthy. And spending cuts. Republicans aren't going to come forward until the democrats say more about how they want to cut sp right now, we're stuck. Now, it could be the well that is getting poisoned right now, as positions are going to harden with all of these negotiations they sometimes with most fire before they break. The debt limit, president obama said that he's not going to negotiate at all over the debt limit. I don't know how you can get THAT RESOLVED BY DECEMBER 31st. Could the republicans give in on the tax cuts on the rich in this country if they want to use the debt limit as leverage? They could. Lot of republicans have said, they know taxes are going to go up, but they want to know how far the president is willing to go in cutting spending especially that entitlement spending, even social security before they sign on to the higher rates. You got these guys circling each other before coming together. If I'm sitting at home and I'm not following politics closely, it looks like the usual gam gamesmanship out of washington. I think it's -- I think the odds are about $5050 right now. Very high for a negative outcome. There is a very good chance they go over the cliff at least for a few days at the beginning of the year. That galvanizes everything and they're finally able to come to a deal. Especially when you see the economy just recovering that's the thing. The question would be, how much harm will this do to the economy? I should say, once you see that prospect of everyone's taxes going up, I do think that no matter what, by mid-january at the latest, you will see that tax rate reinstated for most americans. Psychological lit's causing damage. Confidence drop as well because of what's going on in washington. George, thank you. Today on the show, we got a big show, george has two powerhouse roundtables. Later this morning on "this week." Time now for a check of the

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

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