Former Obama Adviser Bernstein: US Can’t Avoid Falling Off ‘Fiscal Cliff’

“The U.S. economy won’t avoid falling over the edge of a fast-approaching fiscal cliff, when tax breaks expire at the same time automatic spending cuts kick in at the end of the year, says Jared Bernstein, a former adviser to President Barack Obama.

The outcome of the November presidential elections won’t make any difference at all, Bernstein adds.

“If you actually play out the difference scenarios here, the president wins, Romney wins — it’s hard to see that we don’t go off this fiscal cliff,” Bernstein tells CNBC. “Because I don’t see how this compromise gets made.”

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