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October 12, 2012: The fiscal cliff

Ray Suarez

With the presidential election less than four weeks away, all eyes are on President Obama and former Governor Mitt Romney as they frantically campaign across the county. But regardless of who wins on November 6, another political deadline is fast approaching — one that could have dramatic consequences on our nation’s economic security and future.

This deadline is known as the “fiscal cliff” — the confluence of expiring tax cuts and automatic spending cuts that will go into affect should Congress not act before January 1. Many economists have predicted that going over this “cliff” would drive the economy into another recession, increase unemployment and potentially impact many government programs.

So how can we avoid this fiscal cliff and achieve a long-term solution for the economic problems our nation continues to face?

Read the full transcript

More about the fiscal cliff:

The fiscal cliff round table

A panel of experts discuss how to avoid taxmageddon, including economist Douglas Holtz-Eakin, a former Director of the Congressional Budget Office, former four-term Oklahoma Senator Don Nickles, former Clinton Administration official Bo Cutter and Maya Rockeymore, Chair of the National Committee to Preserve Social Security and Medicare.

Explaining taxmageddon

What is the fiscal cliff anyway? Need to Know has a primer of everything you need to know — from Simpson-Bowles to the BCA.

Watch more full episodes of Need to Know.