You're watching...
What cuts are on the table in 'fiscal cliff' talks?
Details
-
Description
A look at where negotiations stand
- Duration 2:13
- Date Nov 20, 2012
Advertisement
Clips
Also in this playlist...
Latest News
Auto-advance: ON
Auto-advance-
Photographer captures images of heroic efforts in Oklahoma
-
Oklahoma governor 'rescue and recovery stages'
-
How to survive in rubble?
-
Eyewitness describes deadly Oklahoma tornado
-
Monster tornado leaves 51 dead including 20 children
-
Chasing down a mile-wide monster tornado
-
Oklahoma grieving and bracing for rising death toll
-
Okla. residents in shock, try to pick up pieces
-
Okla. resident: I lost everything
-
Search and rescue effort will continue through the night
-
Emergency crews try to recover children from school
-
Storm chaser says tornado is 'above average'
Transcript
This transcript is automatically generated
Fiscal -- update assuming -- deal gets done sometime before the clock strikes midnight on the morning of January 1.
What exactly is going to get cuts to congressional correspondent Mike Emanuel looks at the possibilities.
Capitol Hill sources say meetings between the White House and key lawmakers have been very businesslike and there's clearly a path to solving the fiscal cliff problems without violating everybody's principles.
Part of addressing the issue is figuring out what President Obama and congress are willing to cut.
Looking at redundancies.
Throughout government I think there's many ways to look at king you do more effectively efficiently and basically eliminate some of this redundancy that goes on.
Mean if you ask people I've asked people before.
How many -- did you go for the same service that might come into three or four.
That's ridiculous.
Mention a former governor who has had to balance state budget says there could also be some savings at the Pentagon.
Where there have been major increases in spending on private contractors during the wars in Iraq and Afghanistan.
Another former governor Mike -- hands of Nebraska who's been involved in the gang evade bipartisan deficit -- says it's time to go big.
What's driving our spending is entitlements it's just so obvious.
In what makes its non competitive is it tax code that.
That is just hopeless.
We've got to fix these things if we error if we have any hope of this economy improving over the long term.
Tax reform won't get done by the end of the year by the budget expert says there could be a creative way of offering an alternative to Democrats.
Who want upper income tax rates to increase.
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 and that is instead of raising their taxes why not reduce their subsidies why not.
Give wealthy people less in Medicare.
Republican sources say there is some heartburn on the democratic side because President Obama put substantial entitlement reform on the table.
During last year's debt talks and -- sources say that might have been papered over during the campaign.
In the fiscal cliff talks that could create enormous tension with lawmakers to mr.
Obama is liberal base Shannon.
Mike Emanuel thank you know.
