Mark Steyn: 'Cliff' Bill 'Signals to World That American Era Is Over'

FOX NEWS: Fox and Friends’ Brian Kilmeade sat down with best-selling author and columnist Mark Steyn to discuss the bill that was passed last night to avoid the fiscal cliff’s across-the-board tax hikes and spending cuts. President Obama applauded the bill, which raises tax rates only on those making more than $450,000 a year, puts off spending cuts and extends unemployment benefits. It also increases by two percent the Social Security payroll tax on all workers.

But Steyn believes the current spending, which is fueling a rapidly-growing national debt that has surpassed $16.4 trillion, is unsustainable and at some point will have to be supported by more taxes on all Americans.

The author of the book “After America” went on to point out that if the current debt-fueled spending continues, “you’re basically signaling to the world that the American era is over.”Kilmeade then asked what Steyn what he thinks President Obama plans to do over the next four years to address the situation.