Topic: Payroll Tax Cut

A prediction is made that the U.S. stock market will collapse to 6,000 or 9,000 points if the "fiscal cliff" is reached at the end of 2012. The fiscal cliff involves the expiration of payroll tax cuts and the Bush tax cuts, alongside automatic spending cuts to the military. The economic stagnation is attributed to political gridlock over tax hikes for high earners.

President Obama denies the permit for the Keystone XL Pipeline, claiming the 60-day review period mandated by Congress was insufficient. The hosts argue that Obama is ignoring a law he previously signed as part of the payroll tax cut deal. They characterize the move as a display of executive overreach.