Could 'Taxmageddon' Crisis Create Compromise?

Jun 9, 2012
Originally published on June 9, 2012 6:35 pm

On Jan. 1, trillions of dollars in spending cuts and tax increases — called Taxmageddon — will take effect unless Congress and the White House can agree on a new plan. Many economists say the country will fall back into a recession if it happens. Former Treasury Secretary Robert Rubin says Congress may actually be "forced to make a decision that affects taxes and spending."