It Could Get Hairy Before 'Cliff' Deal: Greenspan

The U.S. will likely avoid the "fiscal cliff" but it could be a bit hairy before politicians reach an agreement, former Federal Reserve Chairman Alan Greenspan told CNBC's "Closing Bell" on Tuesday.

"The best possible outcome is to take something like Simpson-Bowles as it came out originally and work off that," he said, of a deal to avoid the automatic tax hikes and spending cuts that go into effect at the end of the year.

But he said that reaching a final agreement won't be an easy process, since the president believes he has a mandate following the election while House Republicans believe they, too, have a mandate….

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