In this 38 minute interview Dr. Reischauer defines what's meant by the "fiscal cliff" and what's problematic about it near and long term. He discusses what the Congress can possibly achieve during the lame duck session concerning unemployment insurance, the AMT (Alternative Minimum Tax), the so called "doc fix" and how sequestration might likely be addressed by the Congress and/or the administration. The sunsetting Bush-era tax cuts, Medicare and Medicaid reforms, the "absurdity" of the debt ceiling and social security are also all examined.
Dr. Reischauer is one of the two Social Security and Medicare trustees. Up until recently he was President of the Urban Institute, a nonpartisan social and economic policy research institute. Presently he serves as Urban's Distinguished Institute Fellow and President Emeritus and as well Senior Fellow of the Harvard Corporation. Among other positions, Dr. Reischauer was Director of the Congressional Budget Office (1989-1995) and a member and vice-chair of the Medicare Payment Advisory Commission (MedPAC) (2000-2009). He was graduated from Harvard and Columbia universities.