Next President Likely To Have Economic Winds At His Back07:58
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Presidential and vice presidential candidate names are seen on a ballot at the Polk County Election Office in Des Moines, Iowa. (AP/Charlie Neibergall)
Presidential and vice presidential candidate names are seen on a ballot at the Polk County Election Office in Des Moines, Iowa. (AP/Charlie Neibergall)

The chances are good that a true economic recovery is underway in the United States, according to David Leonhardt, Washington bureau chief for The New York Times. And whether it's President Barack Obama or former Massachusetts Governor Mitt Romney who wins the election, he'll be able to take credit for that improvement.

One big caveat to the economic recovery though, Leonhardt says, is the impending "fiscal cliff" - $600 billion in spending cuts and tax increases that will take effect on Jan. 1, unless Congress does something.

Guest:

This segment aired on October 29, 2012.

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