Baily on Spending Bill, Payroll Tax Extension Video

Dec. 16 (Bloomberg) -- Martin Baily, a senior fellow at the Brookings Institution and a former chairman of the Council of Economic Advisers under President Clinton, talks about a $1 trillion spending measure to fund day-to-day operations of the federal government that lawmakers say they have agreed to approve and the prospects for an extension of the payroll tax cut. Baily speaks with Betty Liu on Bloomberg Television's "In the Loop." (Source: Bloomberg)