Fiscal "cliff" FYI

"I think the tone was good," Obama told Walters. "I believe that both Speaker Boehner and myself and the other leaders want to see a deal happen. And the question now is can we get it done. The outlines, the framework of what a deal should look like are pretty straightforward."

While the administration has emphasized tax increases on the wealthy, Republicans insist they need specific commitments from the White House on cuts to entitlement program spending, which are the primary drivers of federal deficits and debt.

"It was a nice meeting, it was cordial," Boehner said today of his Sunday meeting. "But we're still waiting for the White House to identify what spending cuts the president is willing to make as part of the 'balanced approach' that he promised the American people."

Boehner and House Republicans have proposed curbing the rate of increase for Social Security payments and raising the eligibility age for Medicare, among other changes, which are non-starters for many Obama supporters.

In his interview with Walters, the president hinted at new flexibility on entitlement spending cuts, but only once Republicans concede on top tax rates.

"If the Republicans can move on that [taxes] then we are prepared to do some tough things on the spending side," Obama said. "Taxes are going to go up one way or another. And I think the key is that taxes go up on high-end individuals."

Raising the Medicare eligibility age from 65 to 67 is "something that's been floated," Obama said, not dismissing the idea outright.

"When you look at the evidence, it's not clear that it actually saves a lot of money," he said. "But what I've said is let's look at every avenue, because what is true is we need to strengthen Social Security, we need to strengthen Medicare for future generations, the current path is not sustainable because we've got an aging population and health care costs are shooting up so quickly."