Tagged: Fiscal Cliff

Transcript

RACHEL MARTIN, HOST:

This is WEEKEND EDITION from NPR News. I'm Rachel Martin.

Here's a term you're going to get really tired of in the next several weeks - if you haven't already: The fiscal cliff. It's a combination of automatic spending cuts and tax increases set to hit at the start of the year. That is, if Congress and the president fail to find a way to avoid it.

NPR's Tamara Keith has this primer.

TAMARA KEITH, BYLINE: Both House Speaker John Boehner and the president made it clear, they don't want to go off the cliff.

This week, President Obama will meet with congressional leaders to begin working out a deal to avert a budget calamity commonly known as the fiscal cliff.

Economists are unanimous in saying that if the leaders fail to keep the country from going over the "cliff," both the stock and labor markets will fairly quickly go "splat."

Transcript

RACHEL MARTIN, HOST:

Making a deal to avert the fiscal cliff is going to take more than mere consensus on spending and taxes. It'll take political skill on the part of the president; the ability to leverage the power of his office to find new strategies and pressure points to break the gridlock. In short, he'll need to do what appears to be impossible.

ROBERT CARO: Part of the nature of political genius is that you can come along and do something where no one else can do it.