Robert Greifeld talked about the the impact of the “fiscal cliff” on capital markets. The “fiscal cliff” referred to impending tax increases and budget cuts at the end of 2012 if Congress failed to reach a new budget agreement. He said that he and others participating in the “Fix the Debt” campaign were willing to pay higher taxes as part of a compromise, and warned that failure to reach an agreement would amount to governing by “mutually assured destruction.” After his remarks he was interviewed by Mr. Baily and responded to questions from members of the audience.