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FBN’s Rich Edson with the latest on the fiscal cliff negotiations, including news that Vice President Joe Biden has been called in to work with Sen....
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Following the -- on Capitol Hill with the very latest favorite.
-- in significant progress in the past few hours that's that's reported to us.
By an -- close to these discussions we've got the leaders on Capitol Hill right now -- -- leader Mitch McConnell.
He's running point for Republicans for the administration Democrats it's the vice president Joseph Biden and the two spoke last night at 1245 according to an aid and and again.
At 6:30 this morning they also are the last two and -- during the Obama administration who have actually close the budget deal.
In this administration so they continue to work at that he continue to negotiate this is what they're talking about on the tax threshold at least -- would be.
Protected from any type of tax increase right now that basically the offers are anywhere between 360000.
Dollars for individuals.
And 450000.
Dollars for individuals.
And for married couples for fifty.
And 550 -- you make over that.
Or income amounts over that would see a tax increase but again.
This is a negotiation.
As other parts change that threshold could also changed everything remains very fluid right now but we are hearing of course.
But there is significant progress if they do reach a deal -- it comes time.
To sell it to individual lawmakers and the house would have to eventually vote on -- and with that we have with us.
A house member Republican congressman Marsha Blackburn from Tennessee thanks so much for joining us.
So when you look at that threshold about a half billion dollars let's say it a tax increase preventing attacks increase is that something you think he could support.
Well the problem and it's what they're going to do is increase tax says.
Increase those rates and we in the house have already -- it on a bipartisan basis.
To not raise taxes on anybody -- to extend those tax reductions for everybody that was a bipartisan -- taken on August 1.
-- -- And -- that we have senate majority leader Harry Reid on the -- They get -- senator Harry Reid let's -- if he makes any comments about the progress that they're making which rich with talking about.
Percent to twelve -- This for debate only.
Senators are permitted to speak their impromptu tendency -- The president.
These senator from -- President of Cameron morning visiting.
These senators correct.
The Mr.
President idea.
The disturbed -- read in the portion post this morning that.
Some kind of agreement -- being made here.
Somehow that -- Democrat.
Have agreed to raise the level.
We're gonna monitor what is going on on the senate floor CF senator Mitch McConnell steps of the -- see if senator Harry Reid has more comments to make.
On some of the big names in those negotiations.
Rich my apologies for an erupting you and the congresswoman I handed off to you.
Well this is the part in the negotiations are any time a congressional leaders shows up we're we're all over with less than fourteen hours or so left to go in the this that thirteen hours left to go to -- go over to congressman you're saying.
You know the house is already voted to extend all the tax -- but.
In about fourteen hours were faced with a choice tax rates go up for every one or possibly -- that 500000 threshold.
Is that something that you could still support.
Well what would want to say is what is the rest of the bill I'm not going to bank to raise taxes on anybody ME.
It's like federal income tax that turns a hundred years old in February.
It was going to be 1% on the top 1% for one year.
And here we are a hundred years later and look at the mess.
That that tax cut it is -- and that is why we need systemic.
Tax reform what people want to see is us put our focus on the spending side of the ledger.
The debt is out of control a four billion dollar a day deficit is out of control -- has to be spending cuts in this bill and be some spending cut semi every ratings agencies say -- would have to address the spending side of -- -- You have to address entitlements what the president wants to do.
Is look at the taxes generate enough revenue to pay for federal government spending for eight to twelve day he's.
And forget about the rest stop and I don't think sell I think the American people.
Have had their fill of this they're demanding that we address the spending side.
So you think a bill or an agreement with no spending cuts and a significant spending cuts won't get through the house.
I think it would be very very difficult to you know it's not something that I can support you forgot to look at tax reform closing some of those slipped pulse.
And raising rates it doesn't get you -- point air.
It really doesn't solve the problem it actually makes the problem worse.
So why would I vote for something that's going to make the problem -- why would I kicked the can down the -- and beit lid.
I keep all of this debt on my children in bringing children says if their future is capped.
And is traded to the people that own our dad -- -- think that's irresponsible.
I'm -- Marsha Blackburn from Tennessee Republican thanks so much for joining us the discussions continue mostly here on the senate side but eventually.
The house is gonna have to get involved in this one if there is a deal.
Oh yeah they well -- rich this is just to recap what senator Harry Reid said a short while ago the majority -- brief remarks.
Discussions continued there -- number of issues where the two sides are far apart.
Keep in mind the most important goal is to avoid the tax increases still.
