Dec. 28 - Congressional Republicans must decide whether they support Pres. Obama's plan to raise taxes and extend unemployment benefits without cutting spending, or offer a broader plan with spending cuts.
We'll be watching for how congress reacts to whatever discussion we had today we don't know what the outcome was. Of this meeting the president had with four congressional leaders. He is now saying he wants the vote on either his plan or something that they have that will pass congress. He wants to go back to raising taxes on those making to a few thousand more US extend unemployment insurance. And to talk about other broader issues later. He thinks that that can pass congress but he needs bosnians from. Both the Republican leader in the senate McConnell and house speaker John Boehner. What we don't know and have yet to find out is how those guys will react to this whether they can. Get their caucus in line with McConnell will obstructed in some way. That's stuff that we're gonna find out over the coming days. The senate is in session. That we talk about it we'll hear about that tomorrow the house is due to come back until Sunday night. Flew over coming days we'll find out whether Republicans can buy on to this deal or at least offer of compromise that has a chance of passing in the congress. Beyond that. Will need to see whether that sufficient. And in the coming year. The question remains will they have the energy your appetite. To go to a broader deficit reduction deal remember this is something that is a stopgap measure its. Only dealing with the fiscal cliff. Tax and spending problems. What remains to be seen is whether. They wanted to do a broader deficit reduction deal such as they were discussing in the sort of grand bargain or the president's big plan that he had last week. These are issues that remain to be resolved. It remains to be seen whether the financial markets will demand a larger. Package from the United States. In lieu of this smaller -- over the fiscal cliff. Beyond that. All these other issues such as sequestration. Spending cuts need to be dealt with as well so we'll see those in coming days. Those are the things that will be looking for.