With 22 days away from billions in tax increases and across-the-board spending cuts, Congress and the President maybe nowhere near a deal. Both President Obama and House Speaker John Boehner say they have plans for dealing with the deficit.
Obama says his plan reduces the deficit by $4 trillion over ten years and Boehner says his plan cuts $2.2 trillion over ten years. The problem is, we're $16 trillion in debt.
Bill Gross, PIMCO founder - the world's biggest bond fund, says the U.S. needs to cut spending or raise taxes by 11% of GDP over the next five to ten years.
According to Gross, that's $1.6 trillion a year more than Obama proposes and $1.38 trillion more a year than Boehner has offered.
OutFront tonight: Bill Gross, founder and Co-CIO of investment firm PIMCO.
Obama, Boehner try to talk their way down from fiscal cliff
It's crunch time for avoiding the fiscal cliff, with President Barack Obama and House Speaker John Boehner and their aides holding private talks on issues that will impact every American.
Three weeks remain to cut a deal before the automatic tax hikes and spending cuts of the fiscal cliff go into effect on January 1.
Obama and Boehner met face-to-face on Sunday for the first time since November 16. It also was their first one-on-one meeting in more than a year, when talks broke down on a comprehensive agreement to reduce the nation's chronic federal deficits and debt.
In a rare display of bipartisan concurrence, both sides issued identical statements after the meeting that said no details would be forthcoming.