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No 'fiscal cliff' compromise in sight

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    Mike Emanuel reports from Capitol Hill

  • Duration 3:30
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This is it we are just hours away from falling off the so called fiscal cliff.

-- sites for nearly every American's lots of different -- spending cuts totaling more than a trillion dollars in but all indications.

Nothing we mean nothing has changed on Capitol Hill senate majority leader Harry Reid saying significant distance remains between the two sides.

Good morning everyone I'm Gregg -- in for Bill Hemmer here in America's -- -- And that Heather Childers and for Martha MacCallum at a senate convenes today at 11 AM and we will see if maybe possibly there's been a miracle overnight -- them.

-- not likely wouldn't be counting on that.

We here's where we stand right now as of midnight tonight some 500 billion dollars in tax hikes will kick in -- -- the board.

Yesterday Republican senate leader Mitch McConnell made an emergency call.

To the vice president Joseph Biden in an effort to jumpstart negotiations.

If no deal is hashed out today majority leader Reid has said that he will call -- vote on a separate White House plan.

That reflects -- president's original proposals -- congressional correspondent Mike Emanuel kicks off our coverage this morning and Mike with.

Where things stand on the -- fiscal cliff talks it is critical late stage.

-- -- -- Does seem to be some hope that conversations between vice president Joseph Biden.

And senator Mitch McConnell and produce a deal aides say that essentially the two men spoke multiple times last night.

And we'll continue working toward a solution.

McConnell called the vice president after waiting eighteen hours per counterproposal.

From senate majority leader Harry Reid.

Who seem to throw in the towel.

Are still significant distance between the two sides but negotiations continue.

There's still time left to reach an agreement.

And we intend to continue negotiations.

A big issue is what threshold you continue the bush tax cuts the democrats' latest proposal we have.

Extending expiring tax rates for individuals.

With taxable -- come up to 360000.

Dollars.

And couples with income of about 450000.

Dollars senate republicans' latest proposal allowed tax rates arise -- it comes.

Above 450000.

Dollars for individuals and 550000.

Dollars for couples.

Republican aides note Democrats in the senate -- have not made any additional offer since Saturday afternoon Greg.

Mike so what's going -- run over on the house side of the capitol.

Well the attitude over there is essentially that they've been doing their work all year long they've been passing multiple bills throughout the course of 4012.

And they feel like it is now time for the senate to act.

Here's a sample of the house Republican view.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Harry Reid needs to take up the bill suite standing they've been on his desk somewhere between may and September's out.

If you had an employee that it had -- -- paperwork on the -- for that long and they didn't take it up get prop.

-- All hope at this point seems to be that conversations between vice president Joseph Biden.

And senator Mitch McConnell who have a long history together in the United States senate.

Will produce a deal -- and Mike Emanuel live on Capitol Hill Mike thanks very much now what.

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