Tim Geithner on the Fiscal Cliff

Secretary of Treasury Tim Geithner tells CNBC that the Obama administration will go over the fiscal cliff if taxes aren't increased on the top 2 percent.

Side note: it is interesting to see that Republicans are running away from their austerity deal they imposed on President Obama. The cuts are what Republicans previously agreed to. We now know that these cuts are too drastic and could lead to another recession. This is what is going on in Europe with failed austerity policies.