Bring on the cliff. I’ve said for years that the purpose of many government jobs is to give otherwise unemployable people a middle-class lifestyle, and the purpose of many government social spending is riot control. As long as the US is making its debt payments, it cannot default. And the government takes in more than enough in tax receipts to pay its debt obligations.
Iceland went over the cliff, and now they are back on the road to recovery, all the fear tactics they used to pass TARP and the bailouts were a bunch of BS.