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dinner tonight to talk over the budget with republicans and we turn to major garrett at the white house. major? >> reporter: scott, at this moment, president obama is engaging in the most conspicuous outreach to senate republicans of his second term. the dinner includes republicans like kelly ayotte, senator lindsey graham and john mccain as well as nine other republicans. president obama asked graham of south carolina to organize the dinner, which is occurring at the jefferson hotel blocks from here. graham told us he chose republicans open to negotiating a so-called grand bargain with the president that would include tax reform and cuts to medicare and social security. now, senior advisors tell us scott, that the president knows he's in a political vice. he needs republican help to alleviate the across-the-board spending cuts known as sequestration but he can't get that help unless he negotiates a bigger deficit-cutting deal. tonight's dinner, scott, may be a step in that direction. >> pelley: may be a thaw on a cold night. thank you. nancy cordes is on capitol hill for us. what do the senate republicans think

scott: i reserve. mr. price: i yield to mr. garrett of new jersey. the chair: the gentleman is recognized for one and a half minutes. mr. garrett: i thank the c.b.c. for coming to the budget something the president hasn't been able to do, i commend him for doing system of what sit we agree with in this, what do we disagree with. we do agree on several points such as we want to have a just and fair tax code, we want to make sure we address the most vulnerable, the out of work the poor in the country, those trying hard to make ends meet, to try to end poverty as well, to try to make sure there's health care as well. where we differ if the c.b.c. is the impact, what their budget would have on each and every one of these. their impact would have a devastating impact on those who are out of work. those who are trying to not scrust get a handout but get a handup. those who are looking for health care and not being able to afford it. those who are looking for health care if the federal government and rerealizing that within a short period of time, over the

cbs news chief white house correspondent major garrett is in the white house briefing room for us this morning. major. >> reporter: good morning, scott that's what we're going to have in sequence at the white house. house speaker john boehner was just outside the white house saying no progress was made and no progress is likely in the coming days. president obama will give his variation of that exact same message and also let the nation know whether or not he has yet done what the law has required which is to sign an order putting these across-the-board spending cuts in motion. they will not hit the country immediately, the white house concedes that, but $85 billion spread over the next seven months could inflict greater economic damage and harm certain americans dependent on direct government services. the magnitude of that impact will be known over time the white house says and the president will blame republicans on the question of additional revenue. republicans are absolutely dug in on this point and will not yield. the president they will of to and here is the president of the united states. >>> good morning, everybody. as you