To see if were able, on a bipartisan basis to move forward. Reporter Senate Majority leader harry reid said he too would try to reach agreement. But that was after spending most of the day hammering away at House Republicans. Reid blamed the current stand off on the inability of House Republicans to pass their own plan which would have extended tax breaks for everyone making less than a Million Dollars a year. Its the mother of all debacles. That was brought up in an effort to send us something. He couldnt even pass it among the republicans it was so absurd. He meaning the speaker. So its very clear now mr. President that the speakers number one goal is to get elected speaker on january 3. Reporter january 3 is the deadline for the new congress to start work. If a fiscal cliff fix isnt passed by then, the start of a new congress will likely delay matters even more. Which is why the focus now is on reaching a nanodeal. The minimal that they can put together to avoid the fiscal cliff whi
And economists warn the economic effects will be felt quickly if 600 billion in automatic tax increases and spending cuts begin to take effect next year. At this rate, it looks like lawmakers will celebrate new years eve at work if not resolving the fiscal cliff, at least trying to avoid the blame. Darren gersh, nbr, washington. Susie going over the fiscal cliff will not only have an impact on the national level, it will also hit states and eventually cities. If lawmakers fail to reach a deal before january 1, the cliffs across the board spending cuts and tax increases will impact how much money states get from the federal government. Ruben ramirez reports from washington. Reporter we all know the numbers. Failing to reach a deal by january 1 will result in 109 billion in automatic cuts to federal spending. And while thats a big number, what matters most to states and municipalities is the small print, detailing just where those cuts will happen. And Standard Poors gabe pettek says tho
To see if were able, on a bipartisan basis to move forward. Reporter Senate Majority leader harry reid said he too would try to reach agreement. But that was after spending most of the day hammering away at House Republicans. Reid blamed the current stand off on the inability of House Republicans to pass their own plan which would have extended tax breaks for everyone making less than a Million Dollars a year. Its the mother of all debacles. That was brought up in an effort to send us something. He couldnt even pass it among the republicans it was so absurd. He meaning the speaker. So its very clear now mr. President that the speakers number one goal is to get elected speaker on january 3. Reporter january 3 is the deadline for the new congress to start work. If a fiscal cliff fix isnt passed by then, the start of a new congress will likely delay matters even more. Which is why the focus now is on reaching a nanodeal. The minimal that they can put together to avoid the fiscal cliff whi
And economists warn the economic effects will be felt quickly if 600 billion in automatic tax increases and spending cuts begin to take effect next year. At this rate, it looks like lawmakers will celebrate new years eve at work if not resolving the fiscal cliff, at least trying to avoid the blame. Darren gersh, nbr, washington. Susie going over the fiscal cliff will not only have an impact on the national level, it will also hit states and eventually cities. If lawmakers fail to reach a deal before january 1, the cliffs across the board spending cuts and tax increases will impact how much money states get from the federal government. Ruben ramirez reports from washington. Reporter we all know the numbers. Failing to reach a deal by january 1 will result in 109 billion in automatic cuts to federal spending. And while thats a big number, what matters most to states and municipalities is the small print, detailing just where those cuts will happen. And Standard Poors gabe pettek says tho
Captioning sponsored by wpbt this is n. B. R. Susie good evening, everyone. Im susie gharib. Tom will be along a little later in the program. Lastminute christmas sppers filled the stores today, but will it be enough to push retailers into the green this Holiday Season . The clock is ticking to the fiscal cliff deadline, but with those talks on hold, so is the santa claus rally on wall street. And theyre a rare breed in corporate america. We look at why so few c. E. O. s are women. That and more, tonight on nbr. Susie not a very merry day of trading on wall street today. It was a holiday shortened session, and the investors and traders working on this half day were playing it safe, especially with the fiscal cliff talks on holiday break as well. When the closing bell rang at 1 00 eastern time, the dow was down 51 points, the nasdaq lost eight, and the s p was off 3 points. So while wall street worked half a day, washington was on vacation. Lawmakers are increasingly pessimistic about a