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Economy: Fiscal Cliff / Lagarde Interview #1032119

CBS Evening News for Monday, Oct 01, 2012
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(Studio: Scott Pelley) Report introduced.

(Washington: Wyatt Andrews) The warning from the Tax Policy Center about a sharp rise in taxes for American families if the president and Congress don’t reach a budget deal by December 31 examined; fiscal cliff tax increase examples cited; details given about the looming expiration of tax cuts.

(Studio: Scott Pelley) Report introduced.

(Studio: Anthony Mason) The impact of Europe’s shrinking economy on the US economy examined; scenes shown from Spain of police clashing with protestors angry over austerity measures; unemployment rate in the Euro zone cited; statement from Fitch Ratings about the threat from the fiscal cliff quoted. [Federal Reserve Board chairman Ben BERNANKE – says we’ve seen headwinds coming from slowing trade.] [Eurasia Group president Ian BREMMER††- says no one’s started to address the issue of bringing the Europeans back to growth.]

(Studio: Scott Pelley) Earlier discussion held with IMF director Christine Lagarde†† about the slowing world economy. [LAGARDE – notes the factors of uncertainty are the global uncertainty and the fiscal cliff and debt ceiling; says the US would go back into recession if we crossed the fiscal cliff and it was not addressed shortly; says the housing market picking up is a sign the situation is improving.]

Reporter(s):
Pelley, Scott;
Andrews, Wyatt;
Mason, Anthony
Duration:
00:06:40

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