Congress Readies For The Next "Cliff"

The next cliff looms in Washington, DC, as the US Treasury runs out of borrowing authority at the end of February. There may be a decision about across-the-board spending cuts known as "sequestration," as well as a debate over the social safety net.

Will Democrats agree to cuts to Social Security and Medicare? We talk with economics writer James Kwak about the political support for smaller government and less revenue.

Also this hour: we review the big banking mortgage settlement with Pulitzer Prize-winning New York Times financial writer Gretchen Morgenson. Seattle Times aerospace writer Dominic Gates gives us an update on contract talks between Boeing and its engineering union, SPEEA. Plus, Michael Fagin joins us with a recommended hike.