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Play now 18 mins

Peering over the fiscal cliff

Duration:
18 minutes
First broadcast:
Wednesday 03 October 2012

In the classic movie Thelma and Louise, the two heroines end up driving their bright red Ford Thunderbird convertible into the Grand Canyon.... Which is pretty much what America is set to do with its entire economy.

Today we're peering over over the edge of the dizzying fiscal cliff the US is rapidly approaching to discover what it will mean for America and the world.

We've got a report from the BBC Economics Editor, Stephanie Flanders, and Justin Rowlatt interviews the former Congressman and guest scholar at the Brookings Institute, Bill Frenzel.

Plus: we may all want to know what the future holds, but the lesson from the past is that we're very bad at doing so.

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