FILE - In this Nov. 16, 2012, file photo, President Barack Obama acknowledges House Speaker John Boehner of Ohio while speaking to reporters in the Roosevelt Room of the White House in Washington, as he hosted a meeting of the bipartisan, bicameral leadership of Congress to discuss the deficit and economy. Admnistration officials say President Barack Obama and House Speaker John Boehner met Sunda, Dec. 9, 2012, at the White House to discuss the ongoing negotiations over the impeding "fiscal cliff." Spokesmen for both Obama and Boehner said the two men agreed to not release details of the conversation, but emphasized that the lines of communication remain open. (AP Photo/Carolyn Kaster, File)
WASHINGTON (AP) -- President Barack Obama says he is prepared to do "tough things" for a "fiscal cliff" deal and says there is no reason for the talks to fail.
The president said he remains optimistic that a deal can be done, even though talks have reached a standstill.
Negotiations between the White House and Boehner's office on a deal to raise revenue and cut spending have stalled since House Speaker John Boehner decided to seek a vote in the House on a narrow bill that would raise taxes on taxpayers earning more than $1 million.
Obama has proposed raising the top tax rate for those earning more than $400,000 along with savings and spending cuts of $1.2 trillion.