karen travers is joining us from washington with more. good morning, karen. >> reporter: good morning, peggy. good morning, daniel. the work continues and the clock keeps ticking. yesterday's nearly two-hour meeting at the white house didn't produce a deal. but afterwards the president and speaker boehner both said it was constructive. but -- >> nothing is agreed to until everything's agreed to. and the parties are still far apart on a wide range of issues. >> reporter: the president and speaker boehner have been discussing a plan that would cut $4 trillion over the next 10 to 12 years. but both parties would need to make significant concessions. >> everybody acknowledged that there's going to be pain involved politically on all sides. >> reporter: for republicans, that could be agreeing to close big tax loopholes and reduce some tax deductions in order to increase revenue. >> comprehensive tax reform, both on a corporate side and personal side, would make america more competitive. >> reporter: for democrats, that could mean signing off on cuts to medicare, medicaid, and