Fiscal Cliff Countdown: 4 Days To Deadline

President Obama will meet with congressional leaders to attempt budget and tax negotiations.
2:41 | 12/28/12

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Transcript for Fiscal Cliff Countdown: 4 Days To Deadline
This morning. Both sides now. Looming four days from that fiscal -- everybody's taxes will be going up if we go over a drastic budget cuts will be going into effect and finally leaders in Washington have agreed. To talk a meeting scheduled this afternoon at the White House ABC's chief White House correspondent Jonathan Karl. Here to tell us what we can expect -- John both sides now finally agreeing to meet we wanna take a listen -- -- some. Sound from both sides the looks of things no one may be. -- getting too far down the road first let's listen to what Senate Minority Leader Mitch McConnell said yesterday on the senate floor. I told the president will be happy to look at whatever he proposes. But the truth is were coming up against a hard deadline here and Republicans aren't about to write a blank check. For any -- senate Democrats put forward -- because. We find ourselves. At -- edge of the -- Meanwhile the senate majority leader now had even harsher words. For GOP leadership. The house represented -- operating without the House of Representatives. It's being operated with thing dictatorship. Of the speaker not allowing the vast majority of -- Representatives to get what they want. This is it sets up very well Jonathan yeah. Calling your -- no -- guide dictators are easy to way to start your time said by the way a bit Harry Reid looked like it. Angry father in law who kept coming to the floor nursing a grudge all year round all -- long. Look this is not looking good obviously they are meeting at the White House all four congressional leaders with the president but Josh. This is the first meeting that they have had. In six weeks and you might think that this would have been you know we're about four days away perhaps every day -- -- having -- no it has been since November -- -- 96 hours away now can we expect any reasonable breakthroughs. Here's what could happen and I will give this about a three to 5% chance of happening. You can you could have a a small deal that would at least prevent these tax increases from going into effect for most people that's what the president is gonna try to push with congressional leadership. I wouldn't put a lot of the -- Does the president offered his own bill fascinating and and this is actually there were some reports yesterday the president was gonna present his own plan to calm the congress to -- he's not going to do that he has offered the principles he wants to make sure at the very least the taxes -- -- up 90% of Americans. And that some of these automatic spending cuts don't have so best case -- there's a framework of a framework of a framework very well the deal are your hosting this week on Sunday. I presume you'll have a couple things to discuss -- this Sunday the latest -- on this fiscal cliff showdown senators Chuck Schumer Jon -- joining. John thank you Jonathan Karl.

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

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