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To borrow a phrase Greece is the word that both sides of the debate are using to represent the worst case scenario for what might happen with the fiscal cliff that which side understands best.
How to keep the United States from getting into the same kind of Greek tragedy -- chief congressional correspondent Mike Emmanuel looks at that tonight.
Republicans frequently argue it's critical to get a handle on the nation's deficit before the US becomes like Greece.
-- a terrible economy -- 26%.
Unemployment the highest in Europe.
And almost no job opportunities for young people.
Frequently lead to riots in the streets now here a leading Democrat is suggesting cutting spending too quickly is the real problem.
They're European community now is concerned about -- austerity there are many many things you can do.
-- we -- -- debt but still have estimate of aspect of the economy.
Some experts though say Europe's austerity is a drag on economic growth because -- relies too much on taxation while failing to rein in the expansion of government and that would seem to back up -- Republican theme in this fiscal cliff argument.
If we raise taxes on the top two.
-- which is about a million small businesses who employ 25% of the workforce it'll cost just over 700000 jobs reduce economic growth lower take home pay.
-- all sorts of things that's that's a bad scenario.
The lead negotiator on the Republican side of the table facing mr.
Obama says raising taxes on upper income Americans is not going to fix the huge problems this country is facing.
Even if the president got the tax rate -- that he wanted.
Understand what we would continue to see trillion dollar deficits.
For as far as the -- can -- -- Washington's got a spending problem not a revenue problem.
But for many top Democrats it's all about taxes and not spending cuts in averting the fiscal cliff.
But the facts are that at this point the 39 point 6%.
Does produce the revenue and the differential it.
Between the 39 point 6% and the 28%.
That the president has four limitation -- reduction creates a great deal of money as well.
One conservative financial commentators suggest the likely outcome of the fiscal cliff talks won't be the into the world.
We're gonna have taxes -- -- roughly the same as the taxes were under Bill Clinton we did fine and that will do what do five.
The question is whether these negotiations will lead to making other tough choices such as Washington getting a handle on the growth of government if not the European example seems to suggest.
Huge fiscal trouble coming to our issuers as well -- He had -- and they had a big debt problem before they had the austerity problem to us not forget that Mike Emanuel tonight Mike thanks you.
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