Peter Orszag was interviewed at The Economist's “World in 2013 Festival.” He said concerns over the “fiscal cliff” had been overblown, and that the focus should shift to the debt limit increase. He predicted that Republicans would ultimately relent to tax increases, and that both Democrats and Republicans were relying on “gimmicks” by not providing details on spending cuts. 
“Fiscal cliff” referred to the impending tax increases and budget cuts at the end of 2012 if Congress failed to reach a budget agreement.