0 shep will be back later with the fox report at 7:00 p.m. eastern, and don t forget to log on to shep page. you re world with neil cavuto is next. neil: as things get more texasing, this is nancy pelosi today doing a little deflecting. the president know about everything going on in every agency of government. some mr. boehner have known since this is the neighboring district of where the office. he is not held accountable. today eric cantor responds to that. welcome everybody. here s what you know this irs thing is heeding up. a former speaker throws his successor into the frying plan and saying if the president is accountable for everything going on in the white house, that speaker boehner is responsible for everything that goes on in his neighborhood. she used the comparison to make the point. eric cantor says nancy pelosi is missing the point. what tied you make of that competent? i don t quite follow what nancy pelosi was trying to say in that little piece. what i can
how much are they going to disclose during these hearings? how much will he say that s classified and i can talk to you about that but we ll have to go behind closed doors. this is the big question. what kind of testimony will they give in open session? it s an unknown. we have got to have answers from david petraeus and james clapper. these are people in a unique position to shed light on the discussions taking place during the attack itself, how they came up with the story that was sold to the american people that we know was misleading in the aftermath and can speak to this question that rudy julian write raised that you mentioned earlier. what did the president know, what was the cia briefing on these earlier attacks. what was happening in benghazi. what did we know about ansar al-sharia. what was the cia briefing the president before and was he engaged on these issues. bill: these hearings will take
through reforming the tax code, i would do that if the president were serious about solving our spending problem and trying to secure our entitlement programs. i m confident he and i can find the common ground necessary. bill: that s the same potion had the weekend before the election. meanwhile there are strong warning the fiscal cliff could have dire consequences. lay out the stakes here. what are they? according to the congressional budget office, the bean counters in congress, they say recession. if you cut spending and raise taxes as is planned january 1 you get a recession and a 1.9% you get a 9.1% unemployment rate next year. the republicans are saying do not raise tax rates. the democrats are saying, president obama and harry reid are saying tax the rich, raise tax rates. this is all about tax rates. the democrats led by president obama and harry reid, president obama will speak later today. their firm position for many years has been tax the rich. bill: what boeh
0 wants to use it. bill: why are we seeing the markets sell off? because of the uncertainty over the fiscal cliff. industry groups will be affected by a second became term. banks and dividend stocks are going to take it on the chin. martha: we want to update people on what is expected to be a sharply lower open on wall street this morning. dow jones industrial futures are down 102 ahead of the president s statement this afternoon. s and p futures are down 11 points. a very large drop. the election is over. go look at the cbo report. it shows if you go off the fiscal cliff the economy goes into recession. this is not a small matter. i think we have to address this. martha: the deadline is 6 to 7 weeks away. it makes you wonder why we didn t have an active debate about this during the course of this election process. bill: if there is no deal, check this out. the number of american taxpayers affected, 158 million. american household will face an average of $3,500 in additional taxes
for $4 a gal gas by summer if not sooner. president obama seized the political warning signs and knows the attack s already coming. this afternoon in florida he tried to stay ahead of the curve. since it s an election year, they re already dusting off their three-point plan for $2 gas. and i ll save you the suspense. step one is to drill and step two is to drill. and then step three is to keep drilling. anybody who tells you that we can drill our way out of this problem doesn t know what they re talking about, or just isn t telling you the truth. let s take a closer look at the problem. our chief business correspondent ali velsshey. oil. increase of oil prices up $1.53 a barrel to end at $107.83. that s for the oil that we buy here in the united states. that s not a huge increase. opeq has sort of said they want to keep oil at about $100 a barrel. but what we ve seen is a faster than normal increase in the price of gasoline. now, what s that got to do with? a lot of thi