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What's on chopping block as 'fiscal cliff' looms?

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    Mike Emanuel reports from Washington, D.C.

  • Duration 2:13
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This so back home and there is a look at the capitol today we're less than six weeks from the fiscal cliff that we've been discussing.

A lot in recent days so what exactly is on the chopping block in terms of real spending taxes and start to make some kind of negotiations here we hope.

She congressional correspondent Mike Emanuel is live in Washington.

Debt at sixteen trillion and counting Mike so what are some of these lawmakers.

Willing perhaps to make cuts and well Martha Somali.

As I've talked to say you can cut individual programs from discretionary spending but it won't amount to the kind of savings needed.

Here are some thoughts on what -- cut starting with reforming entitlements.

Here 45 years old and you're hoping you'll have Medicare or Social Security.

Their future looks very very -- for you unless we deal with these issues.

And so I think there's a number of things that can be done but I think you've got to start with what's driving that.

-- I'm not being critical but the Department of Defense can in my estimation.

Have some cuts and and it's it's not fatal at all because there's been a large growth as far as the contract and and amount of private contractors and the amount of money we pay for -- for contractors.

Both senators or former governors who have been required to make tough choices when it comes to balancing state budgets Martha.

Well we've also heard the -- to raise taxes on the wealthy are there are other options that involve actual cots.

Martha Republicans say they are open more revenue through removing some deductions Democrats would like higher income folks to -- war one expert I talked to says there are other creative.

Ways to save money.

There's an inclination on one side to raise taxes because the president's argument is the wealthy should make a little more sacrifice.

There's another option to that -- that is instead of raising their taxes why not reduce their subsidies why not.

Give wealthy people less in Medicare -- it makes no sense that they should get same benefits as people of lower income and so there are lots of options.

Part of the fiscal cliff for the automatic defense and domestic cuts that were part of last year's debt deals in the White House and congress have less than six weeks to figure out what they are willing to cut -- power to damp thank you very much Mike -- and Washington --

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