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Obama, lawmakers set to begin 'fiscal cliff' talks

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    What is at stake in negotiations?

  • Duration 2:53
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-- boxer is circling each other before throwing the first -- -- Democrats and Republicans there is staking out their positions.

For the start of talks to try to move the country back from the now famous fiscal class.

White House correspondent Wendell Goler is getting -- for the opening back.

With reports suggesting Europe's economy -- slip back into recession offering little immediate hope of increased US exports to that part of the world.

And an increase in jobless filings last week.

-- some economists blamed hurricane sandy lawmakers look to lower the so called fiscal cliff the economy's approaching if they don't reach a deal on reducing the deficit.

House democratic leader Nancy Pelosi urged extending middle -- Tax cuts and we must not hold middle class tax -- hostage.

To tax cuts for the wealthiest Americans but Republicans know if they don't Democrats will let the upper income tax cuts expire which they say will hurt job creation a day after his first news conference in more than half a year in the first after reelection.

Newspaper seized on the president's suggestion he might not demand the top income tax rate returned to what it was under Bill Clinton.

-- with him for his second tour of damage from hurricane -- suggested mr.

Obama's demand is for -- source of revenue.

Leaving negotiators to decide how much that revenue it is.

What I.

Will not do.

Is to.

They have a process that is -- that says more gonna sort of kind of raise revenue.

Through.

Dynamics scoring room for.

Closing loopholes that have not been identified.

On this day house speaker John Boehner claimed that Gallup survey -- most -- support lowering the deficit by ending tax loopholes and making needed spending cuts but that's not specific enough for the White House and -- wasn't more detailed the day before.

Get in and so the specifics about those points.

I would not going to be conducive.

To trying to come to the -- -- the White House.

Both Republicans and Democrats continue to position themselves for Friday's start of talks between the president and congressional leaders.

Each accusing the other refusing to compromise the keys to the car.

Heading for the fiscal -- in Republican hands Liberal Democrats are demanding a one to one ratio higher tax revenue to spending cuts some conservatives are demanding the only increased revenue come from expanded economic growth.

But there's little prospect of that being enough to avoid the cliff.

Meanwhile senator Tom Colbern is calling for defense cuts and for Democrats to find savings in Medicare and Medicaid -- Oklahoma Republican admits it's normal for each party to protect its sacred cows I think that's normal.

But I think we're not normal times.

Senator Coburn says the Pentagon needs to stop being what he calls the department of everything he says the savings wouldn't be huge six -- seven billion dollars a year.

But there was a time when that was real money.

Chris there was a time Wendell thank you reporting for the White House.

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