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Still Time to Reach a Fiscal Cliff Deal?

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  • Description

    WSJ Senior Economics Writer Steve Moore on the fiscal cliff negotiations.

  • Duration 4:54
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We want to bring in Steve -- to ask him quickly if there's enough time to get a deal done is senior economics writer at the Wall Street Journal author of who is the fairest of them all and Steve -- now that I intra -- issue we're going to have to go to the New York Stock Exchange.

To -- wait till the sun shines -- which again the traders saying.

Every -- every Tom this year so I'm gonna pose the question do you -- Apologies if I need -- Iraq Q but Steve is they're not your time to get a deal done.

Gather as Peter is exactly right that the modus operandi have about capital -- the White House for the last.

Thirty year is is every time they're up against the deadline -- like the high school kid who asked the finishes.

There's you know his out his thesis -- to have paper they've wait -- the last minute so a date and IL making a prediction.

That -- December 31 you and I'll probably be out talking.

-- I think they'll be furiously negotiating and I think they probably will reach a deal by the -- let me make one other point if I -- let's say that it doesn't happen on December 31 it's gonna happen in January and it's not the end of the world -- -- -- this idea that we -- have to -- economic crash helmets on because that.

You know it's going to be Armageddon are crazy I mean everyone knows that this is gonna get resolved the middle class is not gonna pay higher taxes if we going to January -- and one of things they'll do is make whatever bill they passed retroactive to January 1 so I think there's way too much.

Panic talk here.

What ends up happening no woman -- what went wrong with did the plan B.

And this house speaker John Boehner and if you have -- of Republicans won't sign off on increased above and and -- threshold of a million dollars where do you think that that line falls for the whole of America.

Well look I think the deal that's gonna emerges probably some kind of income cut off of about 500000 dollars.

Down you're not you know some Republicans will vote for that not a nice yeah.

Email and I apologize -- let me interrupt you I'll come back don't do it less -- then wait till the sunshine now like.

Me wow.

Or.

Annual Christmas Eve tradition at the New York Stock Exchange -- songs written at the turn of the last century and they are still playing a net.

Downtown in the corner wall and broad statement we but I don't know the lyrics and then no world should be thankful for that that I can even possibly -- not top.

The state did manage your thought about what -- were sand.

About that and got to -- out.

That's a great tradition by the way.

-- guy what -- saying is I think you know the dollar and up somewhere around 500000 you know -- maybe not exactly that number.

And it's gonna probably take democratic votes to get that through the house because we've already seen.

When speaker Boehner tried to pass a bill with all the Republican votes they needed now the votes to do -- -- Nancy Pelosi is gonna have to provide a lot of votes to get this -- But you know here's the thing I think is really interesting about this whole debate.

-- that I heard one of your -- on your when your previous news segments saying all this is gonna reduce the deficit by half trillion dollars is gonna come anywhere near reducing the deficit by a trillion dollars if you do this tax increase on the rich you maybe raise.

Forty billion dollars a year -- not that's not not not -- but forty billion dollars a year over ten years that's 400 billion.

We're already eight trillion dollar deficit so this is not a solution big and it's not serious and that's why it always comes back to dealing with the stunning side of it.

-- because that's where the deficits come from.

Last thing -- what about the fate yeah house speaker John Boehner.

Because there was a lot more play than just raising taxes on people who make more than million dollars at play -- what we have we saw happen last week.

Now as you know I've always been a -- of John Boehner have known for twenty years I think he's a strong conservative but you know he's got a bit of it.

Conservative revolt on -- San Diego and and you know anytime you we have a high profile issue like debts.

And you are about to bring it to the floor and you number revolt among your all members of your own -- -- That's a bad thing if you want to retain your speakership so I think there may very well be.

Rebellion come January when they vote on officially and who the speaker will be.

Yeah Al -- Eric Cantor is next and -- and but I I'm gonna predict I think that that John Boehner is gonna hold -- despite the fact that there is a mini rebellion within the Republican Party.

Great to see stayed.

Their content big American -- -- -- A safe travels -- ended -- we're in Chicago's south.

We'll see you are gonna come back early I'm gonna come back early from my big things like everybody else because there -- -- fiscal club and I apologize cronies Christmas I apologize for all those lawmakers to the entire country actually thank you so much debut -- okay they candidate.

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