Our fourth story OutFront: bracing for impact.
Fears of falling off the fiscal cliff are taking a big toll on the financial markets. Stocks closed lower for the fifth straight day, ending the week down nearly 2%. The Dow suffered its steepest loss since November 14th?
Will the president's scaled-down deal stem the bleeding? OutFront tonight are Daniel Altman, adjunct associate professor of economics at the New York University Stern School of Business, and Stephen Moore, Senior Economics Writer for the Wall Street Journal Editorial Page.
OutFront tonight: the eleventh hour.
In a press conference today, the President put pressure squarely on the Senate to broker a deal on the edge of the fiscal cliff, showing visible frustration with the lack of action in Washington so far.
That followed a rare last-minute, face-to-face meeting that took place behind closed doors today between all the key players of the fiscal cliff drama. With just four days to go before we go over the fiscal cliff, the President, the Vice President, the Treasury Secretary, and all four Congressional leaders huddled together for an hour and five minutes.
CNN's Chief White House Correspondent Jessica Yellin is OutFront tonight with the latest information.
The most likely deal on the table right now seems to be the scaled-down proposal president Obama suggested on Friday, which extends tax cuts on household income under $250,000, extends unemployment insurance, and likely extends the alternative minimum tax fix.
But is this a plan House Republicans can get behind? Outfront tonight is Republican Congressman Tom McClintock of California, who is also a member of the House Budget Committee.
OutFront tonight – a stark warning from Capitol Hill.
Senate Majority leader Harry Reid took to the floor today and said the country is headed for financial disaster, pointing to an empty House Chamber as proof that Washington is not serious about forging a deal before the new year.
Meanwhile, President Obama cut his Christmas vacation in Hawaii short to return to Washington. But did he accomplish anything? OutFront tonight are reports from both ends of Pennsylvania Avenue – CNN's Chief White House Correspondent Jessica Yellin and Senior Congressional Correspondent Dana Bash.
The U.S. is only six days away from going over the fiscal cliff, and today at least, nothing happened. Nada. Christmas is over but Washington seems to be hungover from all of the drinking, eating and caroling.
But the clock is ticking.
The latest news out of Washington tonight – Treasury Secretary Tim Geithner told Congress the country will hit the debt ceiling on December 31st - some two months earlier than expected.
But there's still no date yet on when the House of Representatives will be called back into session to vote on any deal. President Obama cut his Hawaiian vacation short and is due to land in Washington tomorrow.
The American people are certainly feeling the urgency. A new Gallup poll out today shows 50% of Americans think a deal is likely, down 9 points from a few weeks ago.
If we go over the fiscal cliff, it will affect all of us:
Outfront tonight: Democratic Congressman Raul Grijalva of Arizona and Republican Congressman Reid Ribble of Wisconsin.