Page last updated at 13:51 GMT, Tuesday, 14 February 2012

US tax system is 'on the verge of breaking down'

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Paul Volcker used to be the chairman of the US Federal Reserve. He tells Stephen Sackur that the US economy faces the toughest challenges since World War II.

He says the US tax system needs urgent reform and if Obama is re-elected then the president will have the mandate to do it.

You can watch the full interview on BBC World News on Tuesday 14 February at 04:30, 09:30, and 15:30 and on BBC News Channel at 00:30 and 04:30 GMT on Wednesday 15 February.

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