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’                      Clinton: US in ‘Recession,   Needs Tax-Cut Extension

Former President Bill Clinton said on Tuesday that the U.S. is already in a recession and

Read more on Newsmax.com: Bill Clinton: US in ‘Recession,’ Needs Tax-Cut Extension Important: Do You Support Pres. Obama's Re-Election? Vote Here Now!

urged Congress to extend all the tax cuts set to expire at the end of the year.

The nation’s 42nd president told CNBC’s “Closing Bell” that current economic conditions in the U.S. constituted a "recession" and said plans to cut the deficit threaten to sink the country further into debt.

"What I think we need to do is find some way to avoid the fiscal cliff, to avoid doing anything that would contract the economy now, and then deal with what's necessary in the long term debt-reduction plans as soon as they can, which presumably would be after the election," Clinton said in a taped interview.

"They will probably have to put everything off until early next year," he added.

"That's probably the best thing to do right now. But the Republicans don't want to do that unless [President Barack Obama] agrees to extend the tax cuts permanently, including for upper-income people — and I don't think the president should do that."

Read more on Newsmax.com: Bill Clinton: US in ‘Recession,’ Needs Tax-Cut Extension Important: Do You Support Pres. Obama's Re-Election? Vote Here Now!