Democratic strategist James Carville and Republican strategist Karl Rove discuss the fiscal cliff at the Global Financial Leadership Conference presented by the Chicago Mercantile Exchange Group.
"My hope is they'll take some things and make it status quo for 6 month, 9 months," Rove said. "The big issue is spending and taxes, and what's the balance between revenue and spending... You can't ask Republicans: 'Violate your code and raise taxes, and go back to the rates of the Clinton years' without moving your position at all."
"Some tax expenditures should be cut back and reformed. But when the substantive effects and political realities of large-scale reductions are examined, it becomes clear that there would not be sufficient savings to reduce tax rates and also cut the deficit," Carville argued.
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