President Obama is meeting separately with Israeli and Palestinian leaders later today in New York. It’s part of an 11th hour effort to persuade Palestinian President Mahmoud Abbas to drop his plan to formally apply for U-N membership Friday, a unilateral action that the U-S has said it will veto. Israelis, Palestinians, and the U-S favor a two state solution, but the Obama administration and its European allies are committed to reviving direct peace talks and hammering out a negotiated settlement. In addition, Israel faces new tensions with long time allies, Turkey and Egypt. Palestine’s bid for statehood at the U-N, what’s at stake for the U-S, Israel and the Middle East.