Obama Says No Deal Without Tax Rate Increase on the Rich

Aired: 12/4/2012 | 0:04:58 | Clip
President Obama said there would be no budget deal unless Republicans agreed to tax increases for the wealthiest Americans. Meanwhile, Republicans say their plan would close tax loopholes without rate hikes. Kwame Holman reports on the impasse to avert an economic plunge triggering automatic spending cuts and tax increases.