President warned congress that he wont negotiate on the debt limit. The one thing that i think hopefully in the new year we can focus on, is putting a package like this together with a little bit less drama, a little less, and not scare the heck out of folks quite as much. Reporter but, with the sequester and other big spending issues like medicare on the table, striking a deal this year wont be easy. This is the best opportunity that were going to have to save our nation and do those things that we have to put in play. Reporter but theres not much hope for a sweeping deal this year. My suspicion is that we will you know, kick the can down the road on whatever we do in february or march, and it may be for a year, it may be for two years, but well be coming back to deal with issues like this in the nearterm. Reporter the investment market isnt putting much pressure on lawmakers to forge a longterm solution for the nations fiscal troubles, and some fear that could mean a real fix is stil
He wont negotiate on the debt limit. The one thing that i think hopefully in the new year we can focus on, is putting a package like this together with a little bit less drama, a little less, and not scare the heck out of folks quite as much. Reporter but, with the sequester and other big spending issues like medicare on the table, striking a deal this year wont be easy. This is the best opportunity that were going to have to save our nation and do those things that we have to put in play. Reporter but theres not much hope for a sweeping deal this year. My suspicion is that we will you know, kick the can down the road on whatever we do in february or march, and it may be for a year, it may be for two years, but well be coming back to deal with issues like this in the nearterm. Reporter the investment market isnt putting much pressure on lawmakers to forge a longterm solution for the nations fiscal troubles, and some fear that could mean a real fix is still very far away. The good news
Rally to wall street. Awaiting president obamas signature tonight is an agreement not to raise taxes on most americans. Even though hard decisions on Government Spending cuts were put off, the deal over tax rates ushered in a 308 point rally for the Dow Jones Industrial average. But as sylvia hall reports, the new session of Congress Beginning tomorrow faces some Big Decisions very soon. Reporter as americans return to work from the holidays, they might breathe a little easier knowing the fiscal cliff isnt happening. But the deal on the president s te. In fact, it sets the stage for a bitter First Quarter fight. The bill does add some certainty to this years tax rates, by permanently extending bushera tax cuts for people making less than 400,000 per year and couples making less than 450,000. It also staves off the sequester that package of sharp federal spending cuts for two months. But lets look at what the deal doesnt do. It doesnt take the sequester off the table completely, and it
Most americans. Even though hard decisions on Government Spending cuts were put off, the deal over tax rates ushered in a 308 point rally for the Dow Jones Industrial average. But as sylvia hall reports, the new session of Congress Beginning tomorrow faces some Big Decisions very soon. Reporter as americans return to work from the holidays, they might breathe a little easier knowing the fiscal cliff isnt happening. But the deal on the president s desk doesnt end the debate. In fact, it sets the stage for a bitter First Quarter fight. The bill does add some certainty to this years tax rates, by permanently extending bushera tax cuts for people making less than 400,000 per year and couples making less than 450,000. It also staves off the sequester that package of sharp federal spending cuts for two months. But lets look at what the deal doesnt do. It doesnt take the sequester off the table completely, and it doesnt raise the debt limit. Theyll both have to be resolved in february and mar
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