Fox News
Expand
Browse All Video
Watch Live

You're watching...

Round one of 'fiscal cliff' negotiations

Details

  • Description

    How did president's first meeting with lawmakers go?

  • Duration 2:42
  • Date

Clips

Also in this playlist...

Editor's Picks

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Here at home we are now about a month and a half away from the fiscal cliff the massive tax hikes and spending -- That threaten to push the economy back into recession.

Lawmakers in Washington met with the president today in a first step in try to find a way back from the -- best.

Chief Washington correspondent James Rosen tells us how it went.

-- there.

Get to work.

For the president hosting leaders from both parties and both chambers of congress in the Roosevelt room that appeared to mean sticking to his guns on a tax -- for top income earners.

The chief executive spoke repeatedly of shielding middle class families from that -- But only -- obliquely of reining in entitlement spending.

My hope is that -- -- this -- be the beginning of made a fruitful process.

Where were able to come to an agreement that won't.

Reduce our deficit and -- balance.

Way that we will deal with some long term impediments to growth.

After the hour long session Republicans have nothing to signal acquiescence in tax hikes for any bracket.

They too stuck to their guns insisting higher revenues could come from the closure of tax loophole it's -- to show our seriousness.

What we've put revenue on the table.

But as long as it's a company.

By significant spending cuts that you can't.

Flavor of the country until you have entitlement programs that the demographics of the day.

They're changing America in the coming years.

A house GOP leadership aide told Fox News tax and entitlement reform are too complex to complete this year.

Still leading Democrats indicated lawmakers will try to put some kind of interim agreement on the president's -- just after Thanksgiving but mr.

Obama -- to sign it by Christmas.

House Minority Leader Nancy Pelosi sought to project confidence to consumers and the markets.

Even as she admitted no 1 at the morning session -- specific figures.

For an overall deal I think it would be good if we did something and the four trillion dollar.

Category of deficit reduction which is similar to the grand bargain that was discussed.

Last year.

Nonpartisan budget hawks are the opening round of talks with the proverbial cautious optimism.

I'm worried when I hear people saying -- -- don't get my -- I'll go off the cliff.

And you hear that on both sides frankly but I also have seen incredible.

-- -- and openness to putting in place to deal both from President Obama and leader Boehner and a number of members of congress.

An aide to senate majority leader Harry Reid told Fox News the Democrats -- to eliminating various tax loopholes as a way of raising revenue but only if the Republicans agree first.

To raise taxes on those earning 250000 dollars a year or higher.

Sound familiar Chris.

Does -- -- James thanks so much from the White House.

Load More