John Cornyn: “If the Senator would yield for one last question, my understanding is that the fiscal cliff is going to be caused by the…”

“If the Senator would yield for one last question, my understanding is that the fiscal cliff is going to be caused by the expiring provisions of various tax provisions that have been in place for 12 years, the so-called Bush tax cuts that expired 2 years ago that were extended on a bipartisan basis in a negotiation with our friends across the aisle. That is what I am referring to as the fiscal cliff. I do understand, and the Senator is correct, we also have the second body blow to the economy that is going to be in combination with these tax increases, $1.2 trillion in cuts that, as I understand it, is the sequester, which is what the Senator is referring to.”