Nightly News | November 07, 2012
>>> on capitol hill today, something interesting happened. remember democrats controlled the white house and the senate? republicans in the house, the speaker of the house , john boehner , summoned reporters, giving a rather formal speech. he used a tell eprompter, because it was important to get the words right. he had a message to send to the president. kelly o'donnell has more.
>> reporter: good evening, brian, there is more urgency here, we'll hear more about the term, fiscal cliff. that is the danger of another recession unless congress acts before the new year. that is when taxes go up as the bush era rates expire, when taxes go up after the two-year break, and a big axe falls, across the board spending cuts that would hurt the economy unless washington does something about the long-term deficit. so today, congressional leaders started their public negotiation.
>> i want to work together. but i want everyone to also understand, he can't push us around.
>> mr. president, this is your moment. we're ready to be led, not as democrats or republicans, but as americans. we want you to lead --
>> reporter: there are differing solutions, democrats want higher taxes on the wealthy to reduce the deficit. republicans today said they would accept more tax relieve, but by overhauling the tax code and closing loopholes, not raising rates. so they're talking about working together, but they don't have much time, two months.