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Detailed text transcripts for TV channel - FOXNEWS - 20121231:15:05:00

mike emanuel, we want to hear from vice president biden or senate minority leader mitch mcconnell. they essentially took the lead in these talks whether the president and speaker john boehner couldn t cut a deal. mccan nell says he wants to reach agreement. and california senator dianne feinstein says failure is not an option. the danger to our people, to our military, to our nation s security. to our economic base is just too great not to have a solution. so, you know, what makes this government work is compromise. when you don t compromise there is stasis. we have had enough of that for too long. reporter: the president says if biden and mcconnell can t cut a deal the senate will vote on extending tax cuts for families making less than $250,000 a year and basically force republicans to go the politically risky route voting against it, gregg. gregg: essentially that means taxes are definitely going to go up? reporter: it seems the

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