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Obama to meet with congressional leaders on 'fiscal cliff'

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    Peter Doocy reports from the White House

  • Duration 4:03
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An important meeting at number three of the week at the White House about to get under way there today's guests are the leader of -- leaders of congress.

President we'll sit down with them to talk the issue of fiscal cliff.

We'll see how that works out joining the president senate majority leader Harry read it.

House speaker John Boehner House Minority Leader Nancy Pelosi.

And high and said it -- our leader.

Mitch McConnell so the goal is to hammer out a dealer to begin the framework of hammering out a deal before these series of automatic spending cuts.

And tax increases kick in the first of the year and some.

Really do fear that that could trigger yet another recession which nobody wants to see in this country's so that's how we look communal brand -- -- -- America's news around.

Happy Friday everybody I'm -- McAlary feeling great -- -- the -- believe though that a big week.

-- I'm Bill Hemmer good morning again OK you've got six weeks ago now.

Before you get a deal one of the main sticking points remains whether or not you extend the current tax rates for all Americans.

Or do you go for major tax reform that would help eliminate some of the current tax write -- here's the speaker on the Florida house the world.

-- not about to further weakening economy by raising tax rate.

And hurting job.

Look there shouldn't be that difficult.

But let us go to the table of good faith.

That we want something to happen because I do think.

That if nothing happens.

At the consequences could be great.

-- at a table with the best intentions and we'll see what happens -- -- live at the White House.

With more on -- big meeting so Peter how much progress -- these leaders expected to make today.

It's hard to say Martha this is the first time this powerful bipartisan group has gotten together -- the election they're obviously here on the president's home turf.

And the president has made clear that he thinks his big win last week amounts to a mandate to help the middle class and he wants to help.

Avoid he wants to avoid the fiscal cliff with -- putting a burden on the middle class in the latest from the Press Secretary here at White House Jay -- Is that quote it is simply unacceptable to go back to policies that failed.

Pit stop the middle class that the bill in order to give very expensive tax cuts to the wealthiest in our country.

We can't afford it and the president will not sign under any circumstances any extension of tax cuts.

For the top 2%.

Of American earners and we learned this morning that about a hundred former Obama campaign staffers who all needed new jobs last week.

Have helped launch a grass roots effort and at getting Republican lawmakers to cave and agree to higher tax rates and any kind of up.

Potential deal and Washington Post says that they're gonna do that -- protesting outside Republican lawmakers' offices.

And calling it their constituents -- I have that that's going to be very interesting so the big question is whether or not Republicans will agree.

To get any higher taxes John Boehner has said basically that he is dead -- on that he wants tax reform not higher taxes.

And and the president is expected to come to the table today and -- -- over the next decade he wants to raise about one point six trillion dollars through higher taxes but the Republicans including the speaker had so far been very firm.

And saying that they would rather raise new revenue by closing loopholes and eliminating deductions.

We've talked about this now for over here.

You could mean there's all kinds of information and data out there.

But giving and dose of the specifics about -- -- I would not.

Will be conducive.

To trying to come to the -- what.

And Martha the vice president is just going up to the White House you can hear this motorcade in the background so this meeting is about to get under way.

But Bob co worker at the Republican senator from Tennessee will not be here today but he will obviously have to vote on -- and eventual deal at some point.

He said that at today's meeting just amounts to a photo op.

That is really depressing and we should know by lunchtime if any kind of progress was made back to you Peter thank you very much we'll save.

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