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Would temporary fix bridge fiscal cliff?

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    Mike Emanuel reports from Washington, D.C.

  • Duration 2:23
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Ten Wall Street should -- a bit today when the head of the Federal Reserve said the Central Bank does not have the tools to cushion the impact of the fiscal cleft.

Tonight she congressional correspondent Mike Emanuel tells us with the clock ticking down there's a lot of top let precious little action so far.

With the Thanksgiving and Christmas holiday is the number of legislative days until the nation hits the fiscal cliff are limited and there is much to be worked out.

Congressional leadership sources say negotiations could lead to a structured framework.

With numbers set for spending cuts and revenue increases Republicans would like to -- tax reform part of a fiscal -- deal.

The recognize that cannot be done by the end of the year so Nebraska senator Mike -- hands -- like an extension of current tax rates and spending levels.

It seems to me.

Actually -- prudent course of action is to figure out bridge.

That literally takes this for some period of time.

Again -- that all of these fiscal cliff issues.

Coming to fruition on January 1.

The top Republican on the Senate Budget Committee senator Jeff session sent this letter to the top four leaders in congress warning.

If they're planning an extension of unemployment insurance and the payroll tax cut quote.

Offsets or any of these changes must also be achieved through real savings.

Not gimmicks like counting baseline savings from future war spending that is not expected to occur.

A former chairman of the house Ways and Means Committee predicts the markets won't react well to staying the course.

And of course they can happen is that we put a temporary sticks and and deal -- it next year.

But still the problem is going to be even great if we do that.

West Virginia Democrat senator Joseph Manchin says it's important for Washington to seize the moment.

I believe now with the election behind us we -- that short period gives you something monumental for our country.

And for the next generation I hope we take advantage of them are really do.

The uncertainty over what will happen -- -- Wal-Mart in several manufacturing companies to decide they'll pay quarterly dividends in late December instead of early January.

Anticipating higher taxes next year.

The threat of massive spending cuts is led to a boom for lobbyists the website open secrets reports.

421.

Groups have -- -- many universities worried about cuts to education spending and federally funded research Shannon.

Mike -- tracking the -- every single day thanks Mike you.

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