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White House warns 'fiscal cliff' may hurt consumer spending

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    Doug McKelway reports from Washington, D.C.

  • Duration 3:34
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This big big story this morning our new warnings from the White House about the so called fiscal clip.

A new report claiming that a failure to extend the tax cuts for middle class families.

Could have a negative impact on the economy that could outweigh the gains from Black Friday.

And Cyber Monday sales so that's a big concern as we head towards CI and the final quarter here.

A 2012.

Welcome after Thanksgiving weekend -- brand -- -- of America's Newsroom I'm Martha.

-- count on Bill Hemmer good morning hubby had a great holiday everybody and you as well with your fans can't.

Also that report -- comes as more Republicans say they will consider closing certain loopholes.

-- to raise revenue if Democrats also compromise and some of the big issues have a listen.

To do this I just don't want -- promise -- spending cuts someone entitlement reforms Republicans always put revenue on the table Democrats always promised that spending.

Well we never cut spending what I'm looking for is more revenue for entitlement reform.

Before the end at all.

Yes -- Hattie hit that -- Sat is the big question here -- and -- Kelly joins me now live in the white house with more on this so.

Get it sounds like at the White House report is not just warning about the physical let -- but it's also.

Putting tremendous pressure really a congressional Republicans is that true.

Yeah that's very true -- is putting tremendous pressure on on congressional Republicans the report in fact.

In some ways preemptively blames.

Congressional inaction not White House and action.

Before any tax hikes that would be fall middle class Americans if we do indeed fall -- that the fiscal -- you can read into that in action by.

Congressional Republicans I'd take a listen -- a little bit of of this quote from the White House -- became a justice wanna quote.

If congress doesn't act middle class families will see their income taxes go up on January 1 the typical middle class family we'll see their taxes go up like -- 200 dollar respect here.

Negatively impacting businesses and retailers across the nation.

Now most Republicans are resisting all efforts to increase revenues either through taxes or -- through closing loopholes.

Senator John McCain is typical of that resistance listen up.

Because that.

Every economist that I respect says if you raise tax rates at this time in fact the president even said that a couple years ago.

That then and -- the economy we're trying to help the economy.

And so unless I can be convinced that raising tax rates will be beneficial then obviously I think there's.

-- and grounds for my position.

But a handful of Republicans have a signaled a willingness to break their pledge with -- Grover Norquist to raise revenues revenues they include senators Saxby Chambliss of Georgia.

As you said senator Lindsey Graham -- the South Carolina also representative Peter king of New York.

-- -- spoke out on Meet the Press yesterday about his change of heart.

If I -- in congress in 1941 I would have signed -- yet.

That that's for a declaration of war against Japan Iraq to attack Japan today.

The world has changed and the economic situation is different Ronald Reagan and Tip -- reason we -- realized at the 1980s I think everything's -- on the table.

I limit myself to oppose a tax increases the practice -- speaker and majority leader and the president of going to be in a room.

Trying to find the best package I'm not -- pre judge it.

And king added that we should not be taking ironclad positions in these negotiations.

Rather than half and all of those people it didn't snow in terms of opening the book I'm tax increases saying only if they get -- -- are spending cuts.

Which may -- may not be that far from where they were before that we'll see where discuss thank you very much and we truly put.

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