President Barack Obama is scheduled to meet Friday with the top leaders of both parties to start negotiations on a deal to avert the fiscal cliff. Already, both sides are blaming the other for a lack of action on the more than $500 billion in tax increases and across-the-board spending cuts scheduled to take effect at the end of the year.
The President wants $1.6 trillion in tax increases over a period of a decade in order to pay down the deficit.
Senate Minority Leader Mitch McConnell says that's a non-starter.
"Let's be clear - an opening bid of $1.6 trillion just isn't serious," McConnell said. "It is more than Simpson-Bowles or any other bipartisan commission has called for. It has been unanimously rejected in the House and Senate. It is twice as much as the White House seemed ready to agree to during last summer's debt ceiling talks. It's a joke."
OutFront tonight: Senator Dick Durbin (D-IL).