video transcript

Washington moves closer to averting a fiscal cliff that could tip the country back into recession. Speaker of the House John Boehner says timing is key. SOUNDBITE) (English) SPEAKER OF THE HOUSE, REPUBLICAN JOHN BOEHNER SAYING: "This is a difficult time for Americans. That's why we continue to have conversations with the White House and I continue to have hope that we can reach an agreement. On Monday the White House offered to set a $400,000 threshold for incomes that would face tax increases. Republicans are seeking a $1 million threshold. Analysts said the two may compromise on $500,000. (SOUNDBITE) (English) WHITE HOUSE SPOKESMAN JAY CARNEY SAYING: "The path to a compromise is clear and he hopes that the Republicans will meet him on that path and do something for the american people, for the middle class and for our economy." Opinion polls showing broad support for raising taxes on the wealthiest Americans -- as policymakers work to define who is wealthy.