Nov 27, 2012|
Automatically Generated Transcript (may not be 100% accurate)
All morning long our focus has been on the so called fiscal cliff. We're going to talk about it in depth again now the politics and a -- with Dave Leventhal money and politics editor with political dot com -- on the live line hi Dave. Let's talk about the politics behind the fiscal level we hear now David you know -- gloom and doom next year. Unless congress acts on the spending constant. Tax extension tax cut extensions. What kind of Wheeling and dealing is really going on behind the scenes is it possible David. That the dealing might even stretch as far as the Susan Rice nomination for secretary of state. Anything is possible at this point then it. I think that with full knowledge that -- both sides have been it just incredibly quick to try to work together. The best that they possibly can't which is not necessary that the thing that you would expect at the that the congress that he in the past two years. I think it did that they definitely know that this is a cliff Faldo it's funny we had a story today that that talked about how. The that the wording that they're using is saying in fact. Trying to -- don't play a little bit exactly what this does not calling it a fiscal cliff so to speak to maybe eight. Fiscal slow -- something that's going to be a little less onerous by the bottom line is both parties when he talked about my they realize that that does deadline is looming. It's coming very quickly we've got five weeks here and they've got to do something either push it off the so that they I have a little bit more time Q. Well -- -- something that's going to be politically palatable for both sides. -- actually -- that a deal before the years and. You know there's been some discussion about limiting deductions as a way to settlements. As a possible solution rather than racing tax rates is -- gaining any traction. If it is and this is something where -- scenes visit -- there's going to be a it is sort of grand compromise struck out that this is going to be one of the key elements say a year you're really talking about that kind of moving to. Borrowers here one is that the -- of revenue and the the other is well which you just mentions that. -- Democrats and Republicans have very much disagree on now which wants to move farther than the other. By yet another big issue -- is of course what started -- With tax rate. Particularly for a the most wealthy Americans in the country the president President Obama. Definitely wants you lied to raise tax rates on the richest of Americans or at least. Let's tax cuts expire that would definitely affect that and the Republicans are still balking at that by and large but. At least from the past couple weeks of negotiations have from the talks that both sides have been happening. It does seem clear that there is more room for negotiation not then that we certainly had. Months ago well the election was still going on and it's very hyper partisan environment that no longer exists at least in the context. An active idea in part of the election. When you know we know congress is gonna resist working through Chanukah or Christmas. So what is your hunch do you think this'll be settled quickly or could drag on until the end of the year. There's it's theories that say that that does make a drag out that the senate could drag on through and into next year. And they even. Plots that the fiscal cliff good people confessed -- Watching congress they'll -- overhead that I needed seem that conventional wisdom right now would suggest that that is not going to happen but there's going to be one of two things happening. By the end of the year number one deal is reached or number two that there's some sort of extension that will buy some more time for congress to actually pound out a comprehensive deal. So I beat these are obligations that's another big issue to is that the dental and that we haven't talked about that a whole lot in the context of the fiscal cliff but. He got to remember back in -- 2011 not the debt limits standoff what was it was a huge huge issue. And are really risk the -- the US's credit rating among other things that definitely yeah. A financial issue that affected the entire country. And that this is something that again has is gonna have to be dealt with that because we could be talking about having to raise that yet again. Again in the context -- the fiscal cliff. He Dave -- rumor has it you are Buffalo's Turkey trot on Thanksgiving Day end. That you were seen at the world's largest discount over the weekend this -- Better believe that I idea I never miss the Thanksgiving in buffalo I have no plans to do so going forward. Ran my sixteenth consecutive Turkey trot and had about the best Thanksgiving never ever -- Did you complete to Turkey track but. Did you finish the Turkey -- Are absolutely -- It come it did come hell or high water cause I have always. And the the Disco or you and platform shoes by chancellor. Well I I just took their this document pictures I mean in my family floating around the weekend that we we looked pretty ridiculous. It is thank -- good sports. Ultimately went to give David Leventhal money politics editor with political Duncan.