Britain Shows the Way Over 'Fiscal Cliff'

The World

Pedestrians pass a shop in central London December 27, 2012. Shoppers in euro zone nations battered by years of recession and crisis are on the hunt for bargains, delaying their purchases until the last minute, or simply not buying at all as post-Christmas sales get underway. Britain and Sweden appeared to buck the trend, however, with the number of people visiting shops on Wednesday, the day when clearance sales traditionally start, well up on last year and sales volumes high. REUTERS/Luke MacGregor (BRITAIN - Tags: BUSINESS SOCIETY)


President Obama cut his Hawaiian holiday short to try to get a deal on the looming fiscal crisis. But it's looking extremely unlikely that Republicans and Democrats can agree on a plan by the end of the year. Britain went over its own fiscal cliff a couple of years ago. Since then, it's imposed a series of painful budget cuts. Anchor Lisa Mullins speaks with Edward Luce, the chief US commentator and columnist for the Financial Times.
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