I have a question. What would be worse? Going off the fiscal cliff (see the Wikipedia article for a summary of what that would entail) or the worst possible non-going over the cliff resolution of the matter? What’s the worst case scenario (other than going over the fiscal cliff)? What would the best case scenario be? What’s the likely resolution?
I think the most likely resolution is a tax increase on the highest income earners, punting on spending cuts, kicking the can down the road a bit farther, and putting together another blue ribbon commission, this time to look into entitlements, particularly Social Security. Unfortunately, Medicare is the actual problem.
IMO that’s a pretty good approximation of the worst case scenario.