move some money around so we won t default on our obligations but nonetheless we are out of money. this means if a debt ceiling deal is not included any fiscal cliff deal, and it is not likely to be. gregg: then this debt mess continues for a few months. and we ve still got to argue that out in congress between congress and the president. heather: geithner said last thursday, he called them, trort nary measures would have to be taken to borrow money. yep. heather: breaking news in europe on the big 75% tax rate that the french wanted to pass for the rich. the breaking news that a french court said a 75% tax rate on individuals is unfair. so it has been rejected. the court court says unless you apply it to households it is not fair to single out individuals. that means 75% tax at this moment is not in effect. the french government and francois hollande says, it won t make any difference.
greg palkot is live for us in london with these details. hi, greg. reporter: hey, heather. you think the wrangle over higher taxes in the states is serious check out what is happening in france. just over the weekend the french constitutional court said a planned 75% tax on those earning the equivalent of $1.3 million or more a year should be thrown out as unfair. it had already been blasted by government critics as anti-entrepreneur and anti-business. one skeptic branding it as fiscal bludgeoning. the government trying to balance the budget on the backs of the rich. it sparked a anecdotal rush of high rollers from the french exits including a well-known actor gerard depardieu who will move next door to belgium. french president hollande is not really defeated. court through a tax out more on a technicality.
the government is planning to issue a reworded tax bill soon and there are other tax hike that is the court did not cut. regardless the french stock market seemed to like the message over the weekend in a shortened trading session today, it bucked a trend europe-wide and was you have a percentage point. back to you, heather. thank you very much, greg palkot reporting live for us. thank you. gregg: potential lawsuit over the tragic shooting at sandy hook elementary school not from a victim s family. a survivor actually but could also be called a victim here. they claimed the state is at fault for failing to provide a safe setting. was it foreseeable? do they have a case? our legal panel debates it fair and balanced next hour. the white house is prepared to step in today if congress can t get something together to deal with the fiscal cliff deadline just 14 hours away from now. an update from 1600 pennsylvania avenue moments