President Obama to address economic situation

(CBS) - President Obama delivers his first public address since the election. And he's diving right into one of the biggest issues facing him during his next term -- how to reduce the deficit.

Democrats and Republicans have been at odds over how to address the upcoming "Fiscal Cliff", a combination of spending cuts and tax raises which economists say could push the country into another recession. The non-partisan Congressional Budget Office released a report Thursday which says allowing the country to go over the "Fiscal Cliff" would send unemployment up to 9.1 percent.

Fears of the "Fiscal Cliff" are sending world markets over the edge. World markets are down this morning -- that follows a two day sell-off on wall street. The Dow has dropped 434 points since Election Day. Investors appeared to be worried about the governments ability to work together. Investors also seem concerned about Europe's debt crisis.


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