Senator Chuck Grassley says letting the Bush-era tax cuts expire and letting the Budget Control Act of 2011 go into effect, as is, will lead to a number of negative consequences. One of those being additional military spending cuts that would leave us with what he describes as a “hollow military.”

He adds there’s a lot of posturing going on right now and says it will come down to compromise on both sides.

Grassley notes the four congressional leaders and the president will have to set up an outline of a plan to address the threat of the fiscal cliff before the rest of the senators can get involved.