Fiscal Cliff Talks: Republicans Dismiss Geithner Offer

Negotiations blew up with just over a month left before everyone's taxes go up.
1:54 | 11/30/12

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Transcript for Fiscal Cliff Talks: Republicans Dismiss Geithner Offer
Who knew cargo shorts were controversial? Now, the stalemate in washington over the fiscal cliff. Everyone's taxes are set to go up at the end of the month if congress fails to reach a deal. Just listen to house speaker john boehner and senate majority leader, harry reid. This is not a game. Jobs are on the line. The american economy is on the line. And this is a moment for adult leadership. I don't understand his brain. So, you should ask him. Tough words there. Abc's jon karl is covering this all from capitol hill. Jon, as we said, senate republican leader mitch McCONNELL LAUGHED AT THE OFFER. Reporter: Not only did he laugh out lauoud, saying it's unrealistic. The key is $1.6 trillion in tax increases over the next five years. 50 billion in stimulus spending. 400 billion in medicare cuts. And effectively ending congress' ability to vote on the debt limit. An unlimited ability to borrow more money. Republicans may agree to more taxes. But not that much more. And they certainly aren't going to agree to more spending. And they're going to demand real spending cuts. This wouldn't get a single republican vote in congress. You pointed out that the sides are actually growing farther apart after the last week or ten days, instead of getting together. Could we go over that cliff and have everyone's taxes go up on JANUARY 1st? Reporter: I think there's a good chance that could happen. You don't need to be a genius where a deal would be. Republicans have to agree to some tax increases. And democrats have to agree to some spending cuts. Right now, the two sides are far apart. Sunday on "this week," I'll be putting the questions to secretary geithner. And plenty to debate with our roundtable.

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

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