President And GOP Haggle Over Tax Cuts, Deficit03:00
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House Minority Leader John Boehner of Ohio, center, accompanied by Senate Minority Leader Mitch McConnell of Kentucky, left, and House Minority Whip Eric Cantor of Virginia speak yesterday after meeting with President Barack Obama. (AP)
House Minority Leader John Boehner of Ohio, center, accompanied by Senate Minority Leader Mitch McConnell of Kentucky, left, and House Minority Whip Eric Cantor of Virginia speak yesterday after meeting with President Barack Obama. (AP)

Members of President Obama's deficit commission, along with his newly-appointed panel on the Bush-era tax cuts, are trying to hammer out compromise deals. The commission is set to vote Friday on an unpopular proposal to reduce Social Security benefits, raise the retirement age, eliminate tax breaks and slash government spending.

Washington insiders are watching the president's team of negotiators to see if they can come to an agreement by week's end on a deal that may temporarily extend Bush-era tax cuts not just to the middle class but also to the wealthy. We speak with Wall Street Journal reporter Laura Meckler.

This segment aired on December 1, 2010.

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