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This is -- Imus in the morning.
Good morning everyone a standoff continues between the White House and Republicans over how to head off tax hikes.
And spending cuts known as a fiscal clip.
Treasury Secretary Timothy Geithner in house speaker John Boehner discussed where things stand yesterday on FOX News Sunday.
We laid out a very detailed.
Carefully designed set -- spending savings.
And tax changes that help put us back on the path of fiscal responsibility protect taxes -- -- my for 90% of Americans and provide Somalis from from investments in things we -- like infrastructure.
And we think that's a very good set of proposals we think that's what's good for the economy.
If they've got some different suggestions that wanna go further in some areas nation that officially to us.
The president asking for one point six trillion dollars worth of new revenue over ten years twice as much.
As he's been asking for a public.
His stimulus spending.
In here that exceeded by the amount of new cuts that he was willing to consider.
It was not a serious off.
500 billion dollars in tax hikes and automatic spending cuts will kick in on January 1.
If both of those sides can't reach an agreement.
Checking the markets now here in the US futures have been up all morning Dow futures are up almost sixty TSB's up about seven and the nasdaq's up about eighteen there.
In Europe Reuters is reporting that Spain has -- quest for EU bailout funds will give you more.
On that as we get it in the meantime eurozone PMI also rose to 46 point two in November and stocks in Europe are up London's up about thirty -- is up.
About 43 there and Frankfurt's up almost 77.
We're getting auto sales numbers in from Chrysler now the company says sales rose 14% last month compared to a year ago.
The estimate there was for rise of 13%.
And the company had a 10% rise in October.
Now let's get another look at those European markets and go live to London with Alastair MacKay market analysts.
For I G -- I know there -- a huge amount of details out on -- Spanish bailout request but what are your thoughts on what we know so far.
Well initially sounds like it's the banking sector specifically that talking about bailing out rather than the whole of Spain as it were so whoever took that information is a little bit sketchy on that -- just for the moment.
They have been long maybe Q and fattest but I I think.
-- to suddenly request -- the beginning of December I'm a little bit surprised so -- that would have tried to hang on.
To the beginning of next year they've got said local elections in the first part of January.
In the first few weeks at Jenner and about would have been obvious target to hang on until then before -- before making any sort of formal request.
-- think that this timing shows any extra desperation on Spain's part the -- -- all about just yet.
While mr.
Roy at -- as assailant didn't think this would be would have been the -- he would have once -- put into place like.
-- still a little bit thin on the information on this one so I don't want to jump to conclusions here.
I certainly think if Spain were going to be looking for total bailout they would be talking about it realistically they would prefer I have preferred it to be next cal India.
All right fair analysis there are now shifting gears a little bit here to the US you know we know that our politicians frequently waited till the last minute.
To -- deals but the possibility of going over this fiscal cliff does seem to be growing so how should investors plan for that.
Unfortunately seems very much like -- -- gonna take this all the way to the Y we and I for the first couple of weeks we didn't really ask them President Obama was reelected.
Nothing really was set too much last week we've had a a bit of political rhetoric from the different parties but said that's not really been it's it's any movement in the right direction.
And I think he got a look at the debt rating agencies here that they will take action.
You any need to look at the fact that this weekend they downgraded seven.
The Euro zone bailout fund because of the fact that they -- downgraded the French national that.
So I think they've they've taken proactive measures in downgrading debt where they believe it's it's warranted so I think.
In America should really take heed of this that there -- of a very high chance that that I get this sorted out they will get a debt downgraded.
And I that's Alastair MacKay live from -- announced it does good stock yeah thanks so much.
Thank you -- And UBS reportedly is close to deal with the US and British authorities over claims that some of its workers reported false Libor rates to boost the -- profit.
New York Times says the Swiss bank is expected to pay more than the 450 million dollars Barclays -- find in June for manipulating those rates.
Barclays chairman and chief executive also resigned in the wake of that scandal Libor keep in mind is used to set interest rates on everything from credit cards to student loans to mortgages.
Here's a look at commodities now oil and gold -- both up forcing oil now up about sixty cents trading.
Front 89 almost at ninety dollars a barrel gold is up almost eight dollars at 1720 announced Imus in the morning continues right now on Fox Business.
