'Fiscal Cliff' Negotiations: White House Rejects Boehner Plan

With only 27 days left, Congress and the White House are still unable to strike a deal.
2:12 | 12/05/12

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Transcript for 'Fiscal Cliff' Negotiations: White House Rejects Boehner Plan
The latest on that fiscal cliff. Everyone's taxes set to go up in just 27 days if congress and the white house can't strike a deal. And publicly, at least, president obama is taking a harder line with every day that goes by. Jake tapper is covering it from the white house. And it's clear that president obama believes he has the upper hand here. Reporter: He sure does, george. And later today, president obama will speak to corporate executives at the business roundtable. And he'll try to enlist their help with negotiations with congressional republicans. And his latest demand, that congress remove its own power as it stands right now, to raise the debt ceiling. It is a bold gambit that congressional republicans are already calling a non-starter. Paul ryan stepped back into the spotlight late tuesday, with a feisty shot at the president. I congratulate him on his victory. BUT ON JANUARY 20th, HE'LL FACE A stagnant economy and a fiscal mess. You might say, he'll inherit these problems. Reporter: There's a lot of bah humbug in washington, d.C. These days. 'Tis the season to be surly. Without tax rates going up on the wealthiest americans, there will be no deal to avert going over the fiscal cliff. We're going to have to see the rates on the top 2% go up. And we're not going to be able to get a deal without it. Reporter: House republicans are adamant, no tax rate increa we're willing to put revenues on the table. Revenues that come from closing loopholes, getting rid of special interest deductions and not raising rates. Reporter: But what the republicans are offering sounds a lot like what the president wanted during last year's budget showdown. Give us $1.2 trillion in additional revenues, which could be accomplished without hiking tax rates by eliminating loopholes, eliminating some deductions. Reporter: Today, however, the president says those moves would not be enough. And the latest pew poll shows a lot of pessimism. With 49% of the public saying they do not expect a deal to be struck by the deadline. 40%, a little more optimistic. Jake, thanks very much. George, now, we're going to get the latest on that internet

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

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