Decision 2012: Republicans Willing to Raise Taxes, For a Deal

In the face of a "fiscal cliff" that threatens another recession, some Republicans in Congress are offering to break a no-tax-hike pledge and raise revenues if Democrats agree to cuts in Social Security and Medicare.

Class discussion: Why do politicians fear the automatic tax increases and spending cuts of the "fiscal cliff" which would also drastically cut the U.S. deficit? What have similar austerity measures done to Europe's economy? Is the deficit our biggest problem?