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Obama to make statement on economy, 'fiscal cliff'

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    Ed Henry reports from the White House

  • Duration 2:26
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Okay now President Obama will speak to the nation for the first time since returning to the White House specifically -- about how to avoid the fiscal cliff that a cut -- -- economists he said.

Warren could trigger yet another recession in the present statement a few hours from now expected to focus on how to deal with the sky -- debt facing the country.

Ed Henry chief White House correspondent back at his position as good morning -- you would expect and if the president what's this about.

Well good morning -- to bug going to be about 105 eastern time in the east room presence gonna have some folks with them from the middle class -- maybe an extension of the campaign where he was saying he's that he was the candidate.

Who was standing up for the middle class what he's gonna try to do is lay out the parameters of this debate.

They believe inside the White House the president now has -- head of steam dare I say a mandate coming out of the election.

But he's going to be -- going head to head here with speaker John Boehner.

Who's running a House Republican Caucus up there on the hill that believes they have a mandate to because they essentially won reelection they're still in power in terms of running the house they believe there there's a check and a balance there and so you have the president saying he ran on raising taxes to deal with this fiscal cliff to deal with.

Cutting the -- if you will where if you have house Republicans like John Boehner saying -- wait a second.

They ran on not raising taxes and instead try to cut out some loopholes and other things to raise tax revenue.

But not raising tax rates so essentially.

We're where we -- before the election in terms of both the makeup of of the balance of power.

In terms of Republicans and and on the hill and Democrats.

I here at the White House and in terms of where they are in this debate bill we have been warned about the possibility of its second recession.

-- -- does it look as if the president and congress can come to terms and look it it looks like we're finally hitting a point where they have to come to some sort of -- terms to deal with this if you look what's happened on Wall Street.

The last couple of days we've seen the market take a hit part of that is because what's happening in Europe we've heard a lot of analysts saying it's because they want to see either they're sort of thirsting for Washington to finally come together a deal with this debt situations that we don't go down the same road as Greece and Spain and others number one.

And number two what -- might be a little bit different this time because we've heard this before is you know a lot of corporate leaders in the private sector saying.

We needed -- -- guys whether it's it's more of a democratic or Republican deal you guys need to come together so there's that outside pressure as well that'll be interesting to hear and listen to the tone and all that Ed Henry thank you on the north -- there aren't --

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