Cuts for people who dont need them. That hard line came during a White House Press conference just as a negotiations with Republican Leaders get underway to avoid the fiscal cliff. As darren gersh reports from washington, even before republicans and democrats sit down to talk on friday, both sides are laying down markers. Reporter just two days before he meets with congressional leaders, the president took a tougher tone on budget talks. In his news conference, he pushed hard for an immediate extension of tax cuts for everyone making less than 250,000 a year. And by the way, that means every american, including the wealthiest americans get a tax cut. It means that 98 of all americans, and 97 of all Small Businesses wont see their taxes go up a single dime. The senate has already passed a law like this. Democrats in the house are ready to pass a law like this and i hope republicans in the house come on board too. Reporter republicans said again they would be willing to raise more tax re
But as darren gersh reports, what we are not yet clear about is whether either side is willing to give up enough to get the job done. Reporter in washington, they think carefully about the pictures they want to present to the public so this mattered. All four congressional leaders democrats and republicans after meeting with the president chose to face the cameras together. That hardly ever happens and it reflects the new postelection mood of cooperation. House Speaker John Boehner called the meeting very constructive. I outlined a framework that deals with reforming our tax code and reforming our spending. And i believe the framework that ive outlined in our meeting today is consistent with the president s call for a fair and balanced approach. Reporter to Republican Leaders balance means some higher tax revenues are paired with reductions in spending and changes in entitlement programs. Thats a challenge for democrats, but the president seemed willing to move in that direction. Our c
The white house responded, saying the g. O. P. Proposal does not meet the test of balance. In fact, it actually promises to lower rates for the wealthy and sticks the middle class with the bill. Its not just the federal government under pressure. Credit Ratings Agency fitch calls the fiscal cliff the biggest concern for state credit in 2013. Saying, any meaningful federal deficit reduction is likely to lower state funding, forcing Program Elimination or backfilling. As the tax hikes and spending cuts approach, u. S. Manufacturers saw business shrink last month. The institute of supply managements purchasing Managers Index fell unexpectedly to 49. 5, down from 51. 7 in october. A reading below 50 means business has fallen back into contraction. The november statistic is the lowest since july 2009. The dow fell 60, the nasdaq down eight, the s p 500 lost six. Susie jeff saut says investors seem to be ignoring bad news, and this is a bullish sign. Hes managing director and chief investmen
The white house responded, saying the g. O. P. Proposal does not meet the test of balance. In fact, it actually promises to lower rates for the wealthy and sticks the middle class with the bill. Its not just the federal government under pressure. Credit Ratings Agency fitch calls the fiscal cliff the biggest concern for state credit in 2013. Saying, any meaningful federal deficit reduction is likely to lower state funding, forcing Program Elimination or backfilling. As the tax hikes and spending cuts approach, u. S. Manufacturers saw business shrink last month. The institute of supply managements purchasing Managers Index fell unexpectedly to 49. 5, down from 51. 7 in october. A reading below 50 means business has fallen back into contraction. The november statistic is the lowest since july 2009. The dow fell 60, the nasdaq down eight, the s p 500 lost six. Susie jeff saut says investors seem to be ignoring bad news, and this is a bullish sign. Hes managing director and chief investmen
Fiscal cliff deadline, today House Republicans sent the president a counteroffer, calling for big cuts to entitlement spending, and no new taxes on the wealthy. Tom im tom hudson. Auto sales speed up in november, with buyers taking advantage of ultracheap financing to ditch their old cars. Susie ford takes the wraps off a new lincoln, taking the brand back to its heritage, but will a rebranding help revup sales, we ask ford c. E. O. Alan mulally. Tom that and more tonight on n. B. R. after a weekend of trading accusations over the lack of progress on avoiding the fiscal cliff, both sides now have put their opening offers on the table. Last week, it was treasury secretary Timothy Geithner meeting with top republicans. This afternoon, House Speaker john boehner sketched out the g. O. P. Proposal in a letter to the white house, and the proposal borrows suggestions from the president s own Debt Reduction commission, whose plan was ignored last year. The republican letter offered 900 billio