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up on europe's economic crisis to look at the risks it poses here in the u.s., at a time when this coury faces its own huge fiscal problem. how to bring down the united states' rising debt is a topic of growing debate as we head to an election at the end of this year. that's when the bush-era tax cuts are scheduled to expire and a scheduled round of spending cuts are set to take effect. this week the congressional budget office warned if that was all this is allowed to take place, the economy would be knocked back into recession for the first half of next year. more on this now from two men who watch the u.s. economy osy: ken rogf of harvard university and josh bivens of the economic policy institute. welcome to both of you. and ken rogoff, to you first, what is the european scenario that the united states should be most worried about? >> oh, goodness. i mean, there's really a cliff there. there's a possibility the whole euro can dissolve if they don't take a quantum leap towards unification and we could have a layman moment again. it's not... lehman moment again. it's not hyperbole to s

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. >> host: well -- >> guest: madam coury as we used to call her? the first with her husband. >> host: i'm trying to think about -- i can't remember the part of the founding ethos who won in the '50s, i think, wife of one of the earlier, widow of -- >> guest: are we thinking of alvin -- >> host: right, right, right. >> guest: one of the first economic prizes. yeah. >> host: i should have remembered the name. >> guest: that's right. >> host: al gore -- >> guest: ralph bunch worked under them on the american project when bunch was a young scholar. sorry. >> host: go on to al gore because that's definitely among the most controversial. >> guest: well, just as a little aside or a piece of trivia, the subtitle of my book is, um, i think the history of the world's most famous and controversial prize. and i think pretty clearly it's the most controversial prize. but this business of fame, the most famous, that may be a bit of a fudge. because it could be tied with or maybe a little surpassed by the oscar. i'm not sure how you'd measure this on a worldwide

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