Complementing Lee Haddigan's six-point guide to the "fiscal cliff" --- in which taxes will increase and funding for some programmes will be in jeopardy if there is no political agreement by midnight --- I spoke with the BBC this morning to explain the issues and their significance.
The take-away line: "The US will not go into economic meltdown if the White House and Congress fail to reach a deal. The effect is psychological --- it is loss of confidence that could foster another recession."
BBC Radio 5 Live: The discussion starts at the 6:08 mark.
BBC Radio Scotland: The item begins at 2:07.26.
BBC Radio Wales: The interview starts at 1:25.34.