Fox News
Expand
Browse All Video
Watch Live

You're watching...

High stakes over looming 'fiscal cliff'

Details

  • Description

    Tax debate continues with Congress back in session

  • Duration 2:32
  • Date

Clips

Also in this playlist...

Editor's Picks

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Fiscal cliff does not have the sex appeal or intrigue of tangled spy affairs.

But -- congress returns session today the -- start out as high as they cop keeping the US from sliding into another recession.

Here's one to go.

With Republicans insisting the president's reelection was not a mandate for a tax increase.

White house Press Secretary Jay Carney made clear it was a death sentence for the bush administration's upper income tax cuts that the president.

Will not sign a bill that extends tax cuts.

For the top 2% of an extension of the bush era tax cuts -- left open the prospect of tax reform though it's unlikely congress has time for that a month and a half before the deadline for a deficit reduction plan.

To avoid tax hikes and spending cuts that could trigger a recession.

On Capitol Hill the reaction from House Budget Committee chairman Paul Ryan was blunt.

Ryan spoke as the Treasury Department announced the 120 billion dollar deficit for October suggesting fiscal when he thirteen we'll see the fifth straight trillion dollar deficit.

Senate Republican leader Mitch McConnell -- higher taxes won't solve that problem.

This is not partisan politics his economics.

As the president might.

It's laugh.

Raising tax rate -- on top earners as the president has proposed.

Would destroy over 700000 jobs.

All of this day the president met with labor and progressive leaders -- been -- -- the day after his reelection that he -- cuts in Medicare and Social Security benefits.

Or very very committed to making sure that the middle class and -- workers -- and -- tab.

For a party that we didn't get to go to them.

But reining in the cost of Medicare and Medicaid is essential to controlling the deficit.

Mr.

Obama's offered about 34 billion dollars a year in savings Republicans don't think that's enough and they're demanding to be part of the solution.

The voters also reelected their Republican controlled house last week.

And a closely divided -- And -- a government of 3 -- branches.

That's hardly irrelevant.

At the White House despite the seeming impasse over the bush tax cuts and Jay Carney insisted there's flexibility in dealing with the deficit and I don't think the president is.

In the position of boxing.

Ourselves -- -- boxing others out.

He looks forward at a meeting with the leaders in congress.

The foremost -- the president will also meet with business leaders and leaders of civic groups and hold a news conference to make sure the American public knows his take.

On his reelection.

Brett wanted to -- a lot of north lawn Wendell thank you.

Load More