Economist Ken Rogoff: U.S. needs to see movement on 'the bigger problems'

Ken Rogoff, former Chief Economist at the International Monetary Fund and professor of Economics and Public Policy at Harvard University, joins "Starting Point" on Friday to discuss the impending fiscal cliff.

"Most likely they'll reach a deal in a few weeks," Rogoff says, arguing that the long-term problem is the inability of Republicans and Democrats to agree on larger issues.

"Well, we'd really like to see some forward movement in the bigger problems, the tax system. There are actually things we need to spend more money on, some things we need to spend less money on. It's dysfunctional. And those ideas are out there. They've been discussed. But they've reached this point where both sides are saying I'm going to hold my breath until I get my way," Rogoff explains.