We are now going to go to wolf blitzer who has got the very latest and all of the updates on the fiscal cliff. Wolf . Deb, thanks very much. Happening now, a fiscal cliff hanger. The Senate Bipartisan bill faces a very uncertain future in the republicanled house. Our speaker has said, when senate acts, we will have a vote in the house. That is what he said. That is what we he can be pekt. That is what the American People deserve. But is a sudden rift in the Republican Leadership putting it all in jeopardy . Also, were breaking down the deal on the table right now. Were going to show you how it impacts view your bottom line. And what about the secretary of state . Her dangerous blood clot. What could that mean for Hillary Clinton and her political future . Im wolf blitzer. Youre in the situation room. Right now were following breaking news. All eyes are in the house of representatives where lawmakers are weighing the future of a bill thats now effectively a fiscal cliff fix. No vote has been scheduled on the bill that the Senate Passed in the middle of the night after steep tax cuts and spending cuts kicked in. Speaker john boehner has been trying to overcome some seriously stiff republican opposition. Our senior Congressional Correspondent dana bash is beginninging our coverage this hour. Dana, whats the very latest as far as republicans in the house, the majority are concerned . Reporter the very latest, wolf, is that down this hallway is the House Speakers office. In that house right now are minutes of the house Republican Leadership having a discussion, what are they going to do . Are they going to have a vote tonight and more importantly, are they going to try to put this senatepassed bill on the house floor with an amendment. It was very clear in talking to many, many House Republicans coming out of a meeting they had earlier this afternoon that there was a big desire to have an amendment with some spending cuts. In fact, i spoke with one of those republicans, steve la tour receipt. The speaker, to his credit, says we are famous for putting poison pills in pieces of legislation and they can say, thats a poison pill. Hes asked that we be responsible and whatever the spending cuts are, that they either be something that the president himself has proposed in the past or the senate has embraced in the past and i think thats what you will see. Reporter when you think about spending cuts, people might be wondering whether or not they are going to put something, an amendment on the floor which could be wide ranging. It seemses as if they do this, it will be targeted to put new spending cuts in to replace the sequester which is, of course, what the senate did for two month. So this is all very up in the air but it is clear that it is it is really fluid now and its not a sure thing that this could get through the house right now with republican votes or democratic votes. Its just not sure. As far as i can tell, dana, and youre much closer to this than i am, if it was strictly up to the speaker of the house, john boehner, i think he would allow that senatepassed bill or pass 89 to 8, a lopsided bipartisan majority to simply come up for a vote. But hes got problems, including his number two, eric cantor, doesnt like, he cant support what the Senate Passed in such a lopsided vote and it looks like theres going to be a vote maybe tonight on new legislation which if its passed by the house would then have to go back to the senate. Reporter thats right. First of all, lets talk about your question about the House Speaker. He, i am told by several people in this meeting today, was very intentionally did not give his opinion. He didnt say whether he supports or opposes this bill. Eric cantor did and he was certainly sending a signal to conservatives and making clear his personal position for good reasons. As the speaker goes, he really, im told, was told to just listen to concerns of the members. But it is true that if they do amend this, that it would have to go back to the senate down the hall here and it would have to be passed by thm or not. The other thing, just to sort of play this out a couple of days, theres a new Congress Sworn in on thursday, in just two days. If they dont finish this and send it to the president in the next two days, they are going to have to start all over again legislatively. One thing i will tell you is that in this meeting im also told it wasnt just concerns about spending cuts. There were a fair number of people, im told, who said lets not let the perfect be the enemy of the good and lets just do this and fight another fight down the road and many of those people had a lot of concerns about what happens tomorrow morning and overnight internationally. Here in the u. S. Tomorrow morning when the markets opens, theres a lot of talk about spooking when the market opens. Dana, as soon as you get more, let us now. The chairman of the House Oversight committee, darrell issa, went to the floor to voice his concerns about the senates fiscal cliff bill. When faced with a mountain of debt that we were heading for, like an airplane, did we climb over it . No. What were going to do in the present plan is put nearly another trillion dollars worth of debt on the American People. So will the congressman vote for it . Congressman issa is joining us live from capitol hill. Congressman, thanks very much. If it just comes up the way it passes the senate, could you live with it . I think in its current form this opportunity, this once in a lifetime opportunity to do real spending cuts has to be seized. And for a good reason. They failed to meet their own stated obligation which was to bring us a balanced bill, one that had tax adjustment, yes, but also had spending cuts. This one fails at that and fails badly. So where are the spending cuts you will seek as part of an amendment to the senatepassed legislation . Well, the very first one we debated on the floor this morning. The 11 billion that would be saved by, among other things, not increasing the pay of members of congress. We certainly would like to see that one included. We believe the president s executive order throwing 11 billion in new spending on a few days ago was inappropriate, to say the least. Our committee has passed over 80 billion over a year worth of changes that we believe could be there. Some of them could be adopted in this package. Some of the tax extenders could be adjusted. As you know, wolf, theres a complex number of areas and if you cant find it and by the way if youre saying that less than two month from now or approximately two months from now were going to be dealing with sequestration avoidance, youve failed to meet your requirement. This bill should take care of sequestration for at least a year and very clearly spell out what changes need to be paid for as part of a nearly 4 trillion tax cut. You realize, of course, congressman, if dont pass legislation, actual legislation that the Senate Passes between now and noon on thursday, millions of your constituents out there, all across the country, are going to see a significant tax increase, not just rich people making more than 400,000 a year, but middle class families will immediately start paying more. Well, as you know, wolf, starting january 1st the obama care tax increase kick cans in and Speaker Pelosi passed when she had the role under this president. But lets also remember that if we get it right on january 2nd, 3rd 4th or 5th, we wont ultimately have these kick in. Technically the tacks have gone up. I would like to open with a resolution but if we dont signal that were willing to cut this 1. 3 trillion per year, the American People arent getting a tax cut. They are getting a tax deferral. The money will still be owed. It will simply be next year or the next generation. Either way, i think we have to put a down payment, as the president said, on a real reduction, something he hasnt done with the senate in this bill. A lot of your constituents are going to hate you. They are going to hate your fellow republicans in the house of representatives if you dont allow new legislation to go forward and they are going to be paying a lot more in taxes. Wolf, i only have one voting card and i was instructed by my voters when i was reelected to vote my conscience, to vote their best interest. Not for one day for the rest of their lives. The only way i can do my job is use my best judgment to make sure were not passing on debts that we cant pay in the future. Dealing with Social Security, dealing with medicare, some of these things are complex and would take more time. But some of the spending cuts that have already been voted through the house that simply arent in the senate bill could be dealt with in a matter of hours. And i think the senate knows that although they passed a bill on a very bipartisan basis, they didnt do the heavy lifting. The heavy lifting is adding additional spending cuts and sending it back over. My voters want a tax cut if they can have it but they want a tax cut that is real, not one that you dont pay today but owe it tomorrow. So it was an 89 majority, 898 vote, only 8 democrats and republicans in the house voted against it. Did not vote in the middle of the night. All of those 89, including all of the conservative republicans like pat toomey and others, they were wrong . You know, wolf frk i cant account for what happens after midnight and all of that partying and referee and dlinking that goes on at 2 00 in the morning. What i can tell you is they did half of a bill. Half of the bill is going to be popular certainly in the way of holding down taxes but the other half is theres no spending reductionses. As a matter of fact, there is additional spending. The president has backed this bill with items including tens and billions of dollars for unemployment extension, which is going to have to be paid for. Hurricane sandy relief, which is somewhere between 27 and 60 billion comes right behind it. Thats newspaper new spending. The American People told us to deal with all of it. Sure, wed like lower taxes but republicans realizes that a lower tax that is only temporary because ultimately youre only borrowing the money is not lower tax. Its a tax defrl. When Speaker Pelosi and democrats were in charge, they used the word pay go constantly. In other words, is there an offsetting pay for what you do . President bushs tax cuts were not paid for. They were anticipated to be grown out of. These are not anticipated to be grown out of. Cdo has said 3. 967. In other words, 4 trillion will be added to the debt over ten years with this tax cut unless we do some spending cuts to help offset it. Right now the president s still in a spending mood. We need to get him in a savings mood. I want to clarify, you said it was after the new years and they were partying. Are you suggesting that Mitch Mcconnell and fellow republicans in the senate were drunk when she voted on this last night . Of course not. I was having a little fun with you, wolf. It was after midnight t was a piece of legislation intended to be passable. Not necessarily to be right. And this was in fact something that joe biden found a way to get the art of the possible. Send something to the senate that the house could consider. Now its in the house. What we find missing from it sl any kind of reasonable spending reduction, something that the house has dealt with in committee. Weve bubbled it up. We have a lot of figures. Quite frankly, the lack of sequestration, the idea that in two months, in addition to this, well be dealing with the cliff in defense and sequestration and the cliff in the sense that we dont raise the debt limit, i think they could easily be dealt with today. Im with eric cantor. This bill in its present form is not good enough and the American People are smart enough to know that what you dont pay today and owe tomorrow, youll have to pay tomorrow. Weve got to go, congressman. You still have confidence in the speak a speaker . I have confidence in the speaker. Hes making the process open but of course that includes people like myself and leader cantor who say we have to be open to change. Darrell issa, thank you very much. Much more and the white house reaction to this latest rift between the House Speaker and the republican majority leader when it comes to the fiscal cliff bill. Whats going on . Plus. The latest on Hillary Clintons blood clot. When she might be released from the hospital, what could it mean for her future. Lots of news happening right here right now in the situation room. Look what mommy is having. Mommys having a french fry. Yes she is, yes she is. [ bop ] [ male announcer ] couldve had a v8. 100 vegetable juice, with three of your daily vegetable servings in every little bottle. When she might be released from [ s joe woods first day of work. And his new boss told him two things cook what you love, and save your money. Joe doesnt know it yet, but hell work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. Hell start investing early, hell find some good people to help guide him, and hell set money aside from his first day of work to his last, which isnt rocket science. Its just common sense. From td ameritrade. Were following the breaking news here in washington. House republican leaders, they are meeting right now, they are trying to decide whether to vote on the senates fiscal cliff bill that passed in a lopsided 898 majority in the middle of the night. Many republican lawmakers, though, have grave concerns about the lack of spending cuts in the senatepassed bill and they could decide to amend the measure, send it back to the house. Tom foreman is working this for us. Tom, how big of a complication would this be . This is massive, wolf. I cant even say how big it is. Im standing inside of our Virtual Senate where last night a lot of people thought solutions were under way as they passed all of these different measures that would have something to do with the fiscal cliff but on the other side of the capitol, on the house side, dark clouds have been gathering all day long because there are some things that were passed here that the House Republicans just hate and let me show you some examples. For example, theres one over here. If you look at this whole notion of the cap, were where youre going to keep the bush tax cuts and where youre going to get rid of them. Ultimately they decided that theyd put it at 450,000 for couples and 400,000 for individuals. If you make less than that, you keep the bush tax cuts. If you make more than that, you pay more in taxes. Republicans say this is all about increasing taxes, not at all about controlling spending. What about this . Deductions. People who make more money, youre going to lose some of the deductions that you had before. Youre going to have them capped. Youre not going to be able to avoid the taxes. Once again, its all about raising taxes and not about controlling spending. As congressman issa mentioned a few moments ago, even on the measures that are about spending, many of the House Republicans think the senate went absolutely the wrong direction. Look at this. This was the measure that had to do with providing extended Unemployment Benefits for about two million americans out there. We know there are about 12 million who remain unemployed but some need extended unemployment insurance. That was approved for an additional year at a price tag of i think about 30 billion overall. This is what House Republicans are saying, hold on about, you cannot do this. They are saying, all you are doing is running up spending and charging the taxpayers even more to try to pay for it. The main complaint from the house is not that you cant do some of these things with taxes, maybe some of them oppose that outright but others are saying, if youre going to do that, you must have the second half of the equation. You must address spending. Everyone knew last night the senate wasnt really doing that, wolf, but the notion was that this was a step at a time deal. Maybe they could get this part done and then address spending a little further down the line maybe in a few weeks or a couple months. The house, however, seems to be slamming the brakes on that to some degree and many are saying that they cant take the deal unless they see right upfront where the spending cuts will be. Well see how it shakes out, wolf. Thats precisely what conservative republicans are saying right now. Thank you. Lets dig a little deeper right now with ryan lizza, hes the washington correspondent for the new yorker magazine. It looks like theres a battle going on between the speaker, john boehner, and the leader eric cantor, saying he he cannot not support this bill. Ive been getting the impression from the last few days whark ever passed the senate if it passed in a lopsided majority, he would allow that oh to come up for an up or down vote in the house. The dynamics in place in 2011 when boehner was trying to come to an agreement when he had people like cantor and paul ryan on the right, it seems like be that dynamic has opened up again. Up until now, since the election, boehner and cantor have been like this. Right. Cantor stood on stage at the press conference the day after plan b failed and took responsibility for that failure. They were together in leadership agreeing on the path forward up until this moment. Cantor has come up against the deal and boehner is still trying to feel where the conference is. Lets say the house tonight comes up with legislation, the Senate Legislation but it includes an amendment for significant spending cuts. And it passes with a lopsided just republican majority, the democrats vote against it, the republicans vote in favor of it by and large. Then what . Well, Senate Democratic aides are telling us that they wont pass anything if it comes back from the house with additional amendments. Thats the line that is being quietly being put out. I havent seen any s