President Obama spoke to the press on Wednesday in his first press conference in three months. He said that Democrats were willing to make compromises on spending, and pushed Republicans to "take on their sacred cows" and agree to tax increases for higher income earners and corporations. But the real sacred cow might be in his veiled threat to ask Congress to stay in session through their August summer holidays, if need be. Joining us to give an update on where negotiations stand in Washington is The Takeaway's Washington correspondent Todd Zwillich. Also with us is Byron Dorgan, senior policy adviser at Arent Fox LLP and senior fellow at the Bipartisan Policy Center, where he focuses on issues related to energy policy. He  says that he missed many a family holiday working in Congress–and that the stakes are high to get this right.