Fiscal Cliff and Consequences of Fiscal Irresponsibility

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President Obama is stepping up his efforts to raise taxes as part of his effort to avoid the so-called fiscal cliff.
He'll be meeting with small business owners and middle-income Americans to explain how the combination of higher taxes and budget cuts could affect them if a deal isn't reached to avoid the cliff.

Meanwhile, another Republican has suggested he'll break a pledge not to raise taxes.
Sen. Bob Corker of Tennessee says his only obligation is to his oath of office.

Lawmakers are laying out markers for upcoming negotiations to avoid the changes that will take place in January.
Democrats say they want to raise taxes on households earning more than $250,000.

Republicans say they'll consider tax increases, but only if entitlement and tax reform are on the table.

CBN News spoke with Kereakos Zuras, former economic advisor to President George W. Bush about the consequences of fiscal irresponsibility.

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