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GOP pushing for spending cuts to avoid 'fiscal cliff'

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    Key lawmakers speak out on negotiations

  • Duration 3:06
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We congressional negotiations apparently going nowhere fast President Obama is appealing to a different constituency tonight.

In his bid to back away from the fiscal collect.

We have -- team coverage chief Washington correspondent James Rosen is at the White House to tell us about the president's return to the campaign trail sort of but we begin.

Which -- congressional correspondent Mike Emanuel and another reason.

By these talks are so important pretty much.

-- -- there are strong suggestions the nation's debt problem may be far worse than sixteen trillion dollars and counting.

In some key lawmakers are saying it is time to slash spending.

I can -- 600 billion dollars more out of the federal government tomorrow nobody -- -- difference except the people employed by the programs here in Washington DC.

When asked by fox what he'd be willing to cut the senate majority leader didn't offer anything new.

Will remember we've already done.

More than a billion dollars worth of cuts we are -- done so we need to get some credit for that -- these negotiations that take place.

42 business organization sent this letter to top lawmakers urging congress not to increase taxes writing quote.

We strongly urge congress to pursue comprehensive tax reform.

That lowers rates on all forms of business saying come on acting significant entitlement reforms that put the federal budget -- sustainable fiscal path.

Coburn says too much to the fiscal cliff debate has focused on increasing taxes when cuts and reform are needed.

If you take all the revenue and wouldn't solve the problem.

So the real the real answer is as we have demographic shift that's coming into entitlement programs that have increased their benefits.

And without increasing the taxes to pay for those entitlement programs.

And they're bankrupt and essentially.

That is a key point made by two former congressman Chris Cox and Bill Archer and a wall street journal editorial who wrote quote.

The actual liabilities of the federal government including Social Security Medicare and federal employees future retirement benefits.

Already exceed 86 point eight trillion dollars or 550%.

Of GDP.

The second ranking senate Democrat says -- for addressing entitlements.

But not now.

Medicare and Medicaid insurer about 13 of all Americans.

They represent about 20%.

Of our budget.

And they are a real challenge to us because -- touched on amended.

Medicare is going to run out of money in twelve years that it's scary best.

-- -- negotiations continued Durbin does suggest Obama care is on the table something.

The only perfect -- I know was carried down a mountain on stone tablets by senator -- us.

Everyone else has done their very best to write a good -- but realizes.

Overtime changes have to be made an open.

To whatever pretty you know elements we need to reconsider -- but I think we've got the -- starting point.

Much of the anxiety in Washington seems to be over not knowing the details of the president and speaker Boehner is negotiations.

Lawmakers on both sides suggest that could be a good thing.

They're talking to each other and not leaking.

Brett -- and a lot on the hill Mike thank you.

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