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Romney's Economic Advisor: Compromise Needed to Avoid Fiscal Cliff

David Paul Morris/Bloomberg via Getty Images(NEW YORK) -- How would Mitt Romney have dealt with the fiscal cliff if he had won the White House?

A possible answer came from his top economic advisor, who seems to think that compromise between Republicans and Democrats is the only answer to avoiding another recession.

In fact, Glenn Hubbard, the dean of Columbia’s business school, did not rule out getting the rich to contribute more while interviewed Monday on MSNBC's Morning Joe, although he still advocates generating most of the needed revenue from spending cuts.

According to Hubbard, “If you raise every tax on the rich that the president has proposed, it’s about one percent of GDP (gross domestic product).  But our long-term problems are more like ten percent of GDP.  And we know from people who have studied fiscal consolidations are really all about spending cuts."

Yet, Hubbard doesn't flat out oppose eliminating deductions from the wealthiest Americans because "we're going to have to have some compromise.  And I think step one is figure out how to raise some revenue without killing the economy."

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