'Fiscal Cliff': John Boehner Makes Counteroffer

The Speaker of the House has sent the Republican plan to the White House.
1:40 | 12/04/12

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Transcript for 'Fiscal Cliff': John Boehner Makes Counteroffer
Let's go to washington, now, for the latest on the fiscal cliff. Just 28 days until everyone's taxes are set to go up. House republicans have now sent the wh their own plan for getting america's finances under control. Jake tapper is covering this from the white house. The white house downplayed the new offer. But will it be enough to jump-start negotiations? Reporter: I don't think so, george. The white house advisers describe the proposal that republicans offered yesterday, as a step backward in terms of negotiations. What the outlying house republican states is 2.2 deficit That includes 1.2 trillion demeanor in spending cuts. 800 billion in new revenue. Optimistic projections. And $200 billion in other measures, such as adjusting the consumer price index. But house republicans say if the president doesn't like this, it's incumbent upon him to offer a plan that can make it through the house and the senate. The white house says they want to see tax rates go up. Is there any prospect of a face-to-face meeting between the president and house speaker john boehner in the coming days? And how are they getting along these days? Reporter: It's unclear how they are getting along. But speaker boehner did come to the white house for the party at the white house. But this year, speaker boehner did not pose for a photograph with president obama. It doesn't seem the two are getting along very well. But at some point, president obama will have to come into the negotiations and get involved himself. That meeting is not set yet. Jake tapper, thanks very much.

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

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