• Tax Trauma: "This is an Emergency."

      That's how Austan Goolsbee, the Chairman of the President's Council of Economic Advisors described the situation today on Countdown to the Closing Bell. President Obama had just finished a news conference to discuss how he and Republican leaders had hammered out a deal to extend all the Bush-era tax cuts.

      Goolsbee's comment about this being an emergency, came in response to my question as to whether anyone on either side of the aisle was talking about *how* to pay for these $900 billion in tax cuts.

      Now comes the question: can the President convine his own party members to vote for the plan which, according to President Obama, could end up creating 2 million jobs?

      Listen to what Goolsbee, a highly respected economist, has to say.

      --Liz

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