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Of those. republicans complained about the price tag. it's now been reduced from $265 billion down to $185 billion. it would mean about $1,500 in the average family's pocket if this tax cut extension goes through. and the surtax on millionaires that you mentioned, it's going to change from 3.25% down to 1.9%. again, a compromise. senate majority leader harry reid said today republicans have to take. >> republics in congress dismiss it at their peril. i repeat. republicans dismiss this at their peril. the american people are watching what my republic colleague also do. >> not so subtle politica...

Details. and so what they're trying to do in terms of that compromise you mentioned is harry reid on the democratic side, mitch mcconnell on the republican side, talking about scaling back the size of it. i think it's now going to dip under to $180 billion instead of $265 billion. the current plan, and it's still evolving, of course, is that this would only apply to a payroll tax extension for employees, not expand it to employers as well as the president has wanted. and then the other big question, of course, is how do you pay for all this or there are some democrats saying let's use savings ...

i'm wolf blitzer. you're in "the situation room". -- captions by vitac -- www.vitac.com we begin with breaking news on wall street. a dramatic rescue and equally dramatic reaction on wall street. the stock market skyrocketing today on new that is the federal reserve and other central banks are taking direct action to prevent a financial meltdown in the euro zone using the their resources to keep money and credit flowing amid the staggering debt crisis. it's the largest coordinated move of its kind since 2008 when similar action brought u.s. credit markets back from the brink. let's...

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Infrastructure plan. chuck schumer trying to get through a $265 billion plan. >> and schumer is all for squeezing iran. that's a big thing in the senate next year. chuck schumer voted against the iran deal. trump promised to renegotiate that deal. he'll find an ally in chuck schumer on that front. >> thank you. appreciate it's interesting year. up next, trump huge success as a businessman helped get him elected. once he takes office could hi international empire turn into a big problem? what will he have to do to avoid conflicts of interest? we'll be back. i'm good.? i just took new mucinex ...