Nobel-Prize winning economist Paul Krugman spoke to the media at the sidelines of the SMU Sim Kee Boon Institute public lecture. He advised re-elected President Barack Obama to “hang tough” when facing the January fiscal cliff deadline, where US$600 billion in higher taxes and reduced spending automatically becomes enacted as law. Prof Krugman also said that a Republican Congress and Democratic Party-controlled Senate would unlikely be able to arrive at a compromise on the fiscal cliff and other new major legislation.
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