President Obama's Tough Talk on 'Fiscal Cliff'

The president used his first post-election press conference to focus on the looming fiscal cliff.
3:00 | 11/15/12

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Transcript for President Obama's Tough Talk on 'Fiscal Cliff'
from jonathan karl, who joined in on the press conference. Questions on all of t big issues. But also on that looming fiscal CLIFF ON JANUARY 1st. Reporter: That's right, george. He used that press conference to lay out very bright lines on where he stands on taxes and the fiscal cliff. Holding his first news conference since winning re-election, the president took a hard line on his bottom line. There will be no budget deal without raising taxes on the wealthy. When it comes to the top 2%, what I'm not going to do is to extend further a tax cut for folks who don't need it, which would cost close to $1 trillion. Reporter: In his previous efforts to strike a so-called grand bargain with speaker of the house john boehner, the president proposed $800 billion in new tax revenues. But now, he is seeking twice that. 1.6 trillion in new taxes over the next ten years. That's a bitter pill for republicans to swallow. Speaker boehner has called raising tax rates on anybody unacceptable. But he hasn't ruled out limiting deductions and closing loopholes. And that could be the outline of a possible deal. Look at what the president had to say. Look closer at what I had to say. There's no barriers here to sitting down and beginning to work through this process. Reporter: But they don't come to a resolution, beginning JANUARY 1st, THE ECONOMY COULD Be thrown back into recession. And households making $70,000 a year, could see their taxes increase over $4,000. The president said he is open to new ideas. And if republicans have a way to raise taxing on the wealthy without raising rates, he wouldn't slam the door on them.

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

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