Fiscal Cliff: Congressional Leaders Squabble at the Last Minute

Harry Reid, John Boehner exchange comments days before budget deadline.
1:34 | 12/27/12

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Transcript for Fiscal Cliff: Congressional Leaders Squabble at the Last Minute
Moments after the senate returned to work this morning majority leader Harry Reid spoke bluntly about the nation's prospects of going over the fiscal -- Looks like that's -- hadn't read also launched a scathing attack on speaker John Boehner and house Republicans for not returning to Washington for last minute talks. I can't imagine their consciences. -- out. Wherever they are around the country and we're here trying to get something done. Republican leaders say they've already passed legislation that would avoid the cliff and they'll amend or vote on whatever the senate -- a -- in a statement house Republican leaders said. The house will take this action on whatever the senate can pass but the senate first must act. President Obama also returned to Washington today but despite separate phone calls to congressional leaders it appears Democrats -- Republicans remained light years apart. Because of the -- if -- Washington. Trying to bridge these differences. Has been difficult without a deal in just five days on New Year's Day tax hikes and automatic government spending cuts will kick in. Threatening the fragile economic recovery. A school teacher with two kids earning a salary of 43000 dollars for example will face a tax hike of more than 3000 dollars. Adding to the -- the Treasury Department informed congress that the government is on track to hit its borrowing limit the same day we go over the Clough. Senator Reid accused speaker Boehner of caring more about keeping his job that striking a deal with Democrats. Banners office said that reach it talk less than legislate more. -- Bradley ABC news Washington.

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

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