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Obama to Meet with Senate, Congressional Leaders

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  • Description

    FBN’s Rich Edson with the latest updates on the fiscal cliff negotiations.

  • Duration 3:59
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-- President Obama meantime set to meet with top congressional leaders at the White House this afternoon and find some common ground hopefully on -- fiscal -- deal.

-- Jackson joins us live from Washington with the latest on the talks rich way you know.

How well they and they're going back -- the White House again first time in a few weeks the top Democrat Republican in the house and senate meet with President Obama they are scheduled to begin.

Around 3 PM the cliff impasse continues in DC Republicans say they're waiting for the president to offer -- plan that can pass the house and senate.

Democrats have pushed for Republicans to pass their proposal -- -- -- that maintains tax rates.

For income of less than 250000.

Dollars a year and both sides are blaming the other.

For the inaction.

The Republicans on the house and left town.

The negotiations between the present him -- speaker have fallen apart as they have for the last three and a half years.

We've tried mightily to get something done.

A -- frustrated because we've been asking the president and the Democrats to work with us on a bipartisan.

Agreement for months literally for months.

Even if congressional leaders reach a deal this afternoon that's a big yes it would likely take congress days to pass it if it could pass it.

-- this is just posturing do you think rich will anything get done.

To question because we're down at this stage as to whether or not both sides are actually trying to look like it's.

You know to set up the after effect of going off the cliff and to make it look like -- the other side whose fault it is but this is a last ditch meeting perhaps an effort.

Where these folks can get a room there is a pathway forward here perhaps you.

You know set tax rates at a certain level may be exempt those earning less -- -- half million dollars from a tax increase some other smaller things you can do.

Just to kind of -- us through to next year and continue those negotiations -- that's available and perhaps something they can pass the house and senate.

It's just is there will from these congressional leaders and the White House to actually go there we're not sure that yet more did it can -- at this get -- and by the -- year.

It's a good question.

Even if it's not done by the new year there's some speculation that markets would have to freak out first for congressional leaders to actually act like we saw with the TARP debacle that happen.

I guess for five years ago now whenever that happened back in 08 when they failed to pass TARP and -- house markets went crazy came back again and actually got it through.

So -- when you're looking at what happens from here there is a growing sense of we've -- of comparability.

To move over that cliff the first couple of days or maybe get something short a few -- weeks of of a -- to make sure that the full facts don't happen.

Right off the bat you and then you can contain -- continue working on it.

But law -- on the flip side need to be careful all reacting to what the markets do.

Because after that you talked about how the market sold off so dramatically when harp was initially the bail out program was initially voted down.

And many of those lawmakers then regretted it after the fact and many question whether it was necessary to begin.

-- absolutely and that and that's the thing here too when you look at what's happened with congress in the number of congressional districts that are out there that voted for.

One party for president and another party for congress since it almost an historic -- so you've really got.

Congressional leaders who are more concerned about challenges on the right and the left than they are about winning a general election for many of them that means.

-- to any type of debt deal notice any type of deal.

That would not extend full tax rates for everyone they see it.

As as voting for tax increase they want spending cuts especially when you talk about the scenario on the right side of the aisle.

I'm rich great to talk to you as always we'll see all day long seasoning happens exciting this afternoon -- -- in Washington yeah -- verde.

And our clients a look at what else is in store for the US markets is gonna -- at at the CMA.

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