Fiscal Debate Marches Closer To Cliff

For the first time since mid-November, president Obama holds face-to-face fiscal cliff talks with congressional leaders.

The white house is downplaying expectations of a new offer beyond the scaled-back plan the president put out last week, which would extend unemployment benefits and the Bush tax cuts for those making less than 250-thousand a year. It would also delay any action on cuts to entitlements like medicare. A deal republicans are not happy with.

A spokesman for John Boehner says the speaker will continue to stress that the house has already passed legislation to avoid the cliff, and that republicans are waiting for the senate to act.

On the other hand, the top democrat on the house budget committee say the onus falls on speaker Boehner.

With no sign of real progress, lawmakers may end up taking action after the country falls off the cliff, with a retroactive fix.