Experts forecast economic turmoil if fiscal cliff isn't avoided


CHARLOTTE, N.C. - In a few weeks, major spending cuts and tax increases will kick in unless Congress takes action.

The White House and Republicans seem nowhere close to a deal to avoid the fiscal cliff.

In the midst of a standoff with Capitol Hill Republicans, President Barack Obama told Bloomberg News on Tuesday that the latest plan from House Speaker John Boehner simply does not add up.

The speaker's proposal right now is still out of balance.

He talks about, for example, $800 billion worth of revenues but he says he will do that by lowering rates.

When you look at the math, it does not work.

As negotiations to avoid the so-called fiscal cliff continue, Republicans were equally dismissive of the last proposal from the president.

The key sticking point between the two sides has not changed -- tax rates for the wealthy.

After a White House meeting Tuesday, a bipartisan group of governors expressed hope an agreement will be reached soon.

Experts forecast economic turmoil in January if a deal is not reached.