Fiscal Cliff Negotiations: The Odds of Striking a Deal

George Stephanopoulos reviews the latest news on the country's budget battle.
2:07 | 12/23/12

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Transcript for Fiscal Cliff Negotiations: The Odds of Striking a Deal
The president and members of congress are all taking time off for the holidays even as the clock continues to run down, just nine days before we go over the fiscal cliff and everybody's taxes go up. I'm sure a lot of us feel they shouldn't be taking off. Let's bring in george stephanopoulos. Great to see you, george. Things are coming down to the wire. What are the odds they can come up with a deal especially republicans can't agree. Those talks completely collapsed this week and ended once and for all when john boehner couldn't even pass his backup plan in the house on thursday. The only possibility right now would be some kind of a very small -- some measure that would just extend the tax cuts for everyone earning under $250,000. It should be a lot of protection for a lot of people but even that will be difficult. You get it only if there's a promise not to filibuster that in the senate and the house speaker agrees to take it up. Both of those questions are very open right now. A lot of open questions and high establishes for a lot of people. Let me ask you about another big issue in washington right now. In this toxic environment any chance that the president can make any headway on his desire to change the laws around guns? It's another big question. You saw what happened on friday. The nra, the national rifle association, came up with their first response to the newtown tragedy and there shouldn't be any new gun control. YOU HEARD wayne LaPierre, only way to stop a bad guy with a gun is a good guy with a gun and prominent nra members came out like senator joe manchin and limiting magazine clips. I believe something will come out. The key is speed and that's why the president has asked vice president biden to come back with his recommendations before the end of january. The trick is given how partisan things are, will that happen? All right, george, merry christmas, great to he have you. Ane to join george when his guests include asa hutchinson, the head of the nra national school shield program.

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

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