The U.S. will go over the fiscal cliff early next year before a deal gets cut in January to address the country’s fiscal problems, Peter Orszag, a former Obama administration official and current vice chairman at Citigroup, told CNBC’s "Closing Bell" on Wednesday.
“I think what's going to happen is probably early next year, not late, next year, you will have a big fiscal deal that gets cut,” he said.
If Obama wins, Orszag said it will be a centrist deal with a Republican House. “It will be a centrist deal, and it has to happen because we have constraints that need to be lifted and both sides know that,” he said.
Orszag conceded “it might be a little rocky before we get there, but we will get there.”