The Looming Crisis of the Fiscal Cliff

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The markets are performing their own cliff act today reacting to the political results. But with the election behind us, squarely in front of the global economy is the question of whether the U.S. political system can rationalize the spending of the U.S. government before automatic triggers kick in and produce some draconian impacts on an already fragile recovery.

William Cohan, former investment banker and author of "Money and Power: How Goldman Sachs Came to Rule the World," discusses the looming debt crisis and what the president should do about it.