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Reports: Obama looking to strike scaled-back fiscal deal

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    Ed Henry reports from Honolulu

  • Duration 3:42
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That's seen showing us there is a little hope in the world out there though that's kind of hard to find in Washington -- says President Obama spending the holiday in beautiful Hawaii where reports have now surfaced that he is looking to -- -- smaller fiscal deal that would extend tax cuts.

From the middle class but.

Not even tackling any spending cuts chief White House correspondent Ed Henry is live in Honolulu -- more -- For the first time any people like at Joseph Lieberman is -- I I I really think we're gonna go over the cliff what are you here.

It's a real possibility Iran and were -- out the people on both sides have been talking this thing to death that might need.

-- Christmas miracle at this point to avoid going off the cliff.

The president scaled back plan basically.

Would extend unemployment benefits for two million people we're gonna lose them.

Week after Christmas if there is no deal.

He also wants to extend tax cuts for the 98% of Americans you've heard him talk about that again and again.

That level of 250000.

Dollars or last the Republicans have not agreed to that on the hill obviously when you talk to folks like senator Lindsey Graham.

They say the big issue is not taxes -- spending cuts -- us.

And if you all leaders then you have to lead the president's been about that it fiscal leader he's produced three budgets and can't get one vote -- -- budgets.

Here's what I would vote for have a vote for revenues including tax rate hikes even though I don't like come.

They -- -- to save the country for becoming priests but I'm not gonna set aside the one part to train and cuts.

You talk about one point two trillion dollars in spending cuts the president scaled back plan that I mentioned dealing with unemployment benefits.

Dealing with taxes leaves the issue of domestic spending cuts -- until basically after the holidays that's what some Republicans like -- skeptical.

-- -- -- Is it fair to say -- that Democrats are adamant that there is not going to be a deal without taxes going up.

Yeah when you talk to White House officials they say.

They're sort of mystified that speaker Boehner is still arguing about the level on on tax rates going up because -- say the president ran on this back in the campaign.

He won the election.

And since the day after the election he has been saying that this is what's going to happen to get a deal that you have to have rates go up.

That -- with senator Chuck Schumer said yesterday -- -- On taxes are you know it's hard for the Republicans but the president ran on that platform to fifty.

No tax increases people below but taxes for people above he won 60% of the voters said they were -- in the exit polls including some Republicans.

So what we're aware we have been and really throughout this entire debate.

Which is probably maddening for a lot of reviewers both sides just do you have -- not really making a lot of progress White House officials telling us.

They're still contacted the staff level between congressional Republicans.

In the White House but no real contact between the president.

Speaker Boehner in recent days and so this thing hasn't really move forward I think what's most likely to happen is are all gonna continue to celebrate Christmas holidays but then very likely a day or two after Christmas present be flying back to DC.

Sit down congressional leaders try to figure this after.

Ed Henry who looks amazingly fresh as it be easy at 503 AM there.

-- beautiful Honolulu and he's got his little red pockets where there for Christmas and cities where Bermuda shorts and flip flops below the camera level effect yet and what's that expression he -- nice touch devices -- -- -- -- --

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