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Will agreement be reached before 'fiscal cliff' hits?

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    Mike Emanuel reports from Capitol Hill

  • Duration 3:08
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Asked for days now to the new here.

And potentially that fiscal cliff.

And yet there is little to no progress reported in making a deal to avert across the board tax hikes for 90%.

Of American households.

President Obama on his way back to Washington right now.

But not -- the law makers are there and if congress and the president do not reach a compromise before January 1.

Many analysts say the economy will slide back into a recession.

Mike Emanuel is live on Capitol Hill -- any indication of the president's next move.

Well Greg last time we heard the president talk about this matter he said he was on our congressional leaders to.

Essentially make sure that taxes do not go up on middle class Americans so presumably that would be.

A package that continues the bush tax cuts for those making up -- 250000.

Dollars he'd also like to continue emergency unemployment benefits for two million Americans.

And beyond that details are kind of murky at this point so we await the president to get back to Washington.

We know that the senate will be back in session today.

We know there been some conversations.

Back and forth.

But at this point no indication that steps have moved forward.

Closer to a deal right so -- up if the senate comes back.

What do we expect from them today and then obviously the house.

Well house speaker John Boehner is in Ohio his aides told me a few moments ago that they'll let us know if he has plans to travel.

The last time the speaker in the -- United States met face to face to have any -- substantive discussions about the fiscal cliff was.

Ten days ago.

Republican leaders in the house are waiting for the senate Democrats to act they want to see what kind of bill Harry Reid brings forward.

On the floor.

He's looking at Republican leader Mitch McConnell to say well what are you willing to accept.

And so here we are there's some blame game going on there's a lot of maneuvering still bottom line it appears that we will be meeting probably this weekend heading up to the fiscal cliff.

And we will see what the final offer is to see if they can push across the finish line.

Tell Mike -- were getting word that the president has had no meaningful conversation.

With anybody off on Capitol Hill especially John Boehner and yet we do here is that you know -- sides have been talking.

That staffers have actually been negotiating what are you here.

Right that's right we've we've heard there have been ongoing discussions.

Taking place throughout the Christmas holiday.

But at this point Republicans are saying.

You know that they took a beating if you will trying to lead in the house.

Did I do a deal that did not go very far -- so they're saying okay.

Harry Reid senate Democrats let's see what you can do let's see what you put forward and see if it's good enough that could possibly passed both the senate.

And the house that is a tricky situation.

To -- at this point because the senate and the house are obviously quite divided at this point they surely are.

Right Mike Emanuel live on Capitol Hill Mike thanks very much for the great.

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