Obama Pushes Fiscal Cliff Resolution

With fiscal cliff deadline approaching, President Obama returns to D.C. to work on tax agreement.
2:00 | 12/27/12

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Transcript for Obama Pushes Fiscal Cliff Resolution
Because of the looming fiscal cliff deadline it is now just. Five days away is there any movement on either side how many more times can we asked this question of ABC chief White House correspondent Jonathan Karl joining us. This morning dare I ask where things stand this morning. -- give you we might call good news and bad news right good news is the president's coming back to Washington this and it's coming back they're ready to strike a deal. The bad -- Josh. No progress what so ever and in fact the Treasury Department said. That the government on Monday it will hit the limit how much money we can borrow to run the government they're going to be some extraordinary measures to keep us going till February but things look really grim. The one little sliver of good news I can say on on the actual substance is that the speaker's office tells me this morning there has been contact between. The speaker of the house and the present at least on the staff level and they won't say whether the two men actually spoke contact -- -- all around we've heard a lot about. Taxes that will increase but -- we really -- what are we talking. Well virtually everybody is -- see their taxes go up so here are three examples you have a teacher with two kids making 43000 dollars a year. Taxes will go up by 3000 dollars a member of congress they make a 174000. Dollars a year. Their taxes will go up just next year 7500 dollars and -- LeBron James you know when the -- made about 53. Million dollars last year his taxes just next year would go up. 2.4. Million dollars -- all while oral -- yeah indeed. And really we -- it's five days away but. The idea is we can't get this done if they reach a deal fifteen minutes before the deadline clears we already passed the point of no return. We are already virtually certain that we are gonna go over this fiscal Clinton -- these guys totally came to an agreement. Over the next few days they could pass at the beginning of January. And we could not see many of the impacts but I wouldn't even be optimistic about that Jonathan Karl I have a feeling -- be seen here about 707 tomorrow morning. A.

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

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