Former U.S. Labor Secretary Robert Reich reviews President Obama’s evolving position on the fiscal cliff with “Viewpoint” host Eliot Spitzer. Reich believes that Obama and the Democrats hold all the power when it comes to the ongoing negotiations and that the president has already given in on too much.

“Not only is [Obama] lifting the threshold for the tax hike up to $400,000 … from $250,000, but he’s also chipping away at Social Security and Medicare by fiddling with the formula for inflation,” Reich says.

Reich argues that instead of cutting Social Security and Medicare, Obama should focus on greater defense spending cuts: “There’s absolutely no reason, except for the power of defense contractors, why we have to have such a huge amount of defense spending in this country.”