In a worst-case scenario, the GOP can hold leadership elections in a year, and start with a mostly new slate. Meanwhile, Obama would be devoting all of his energy to these negotiations.
If we go over the cliff and there is blame to go around, the President will have the most visibility.
If a couple hundred billion is cut from defense and taxes are raised the deficit will go down in the short term. The dims/presstitutes will focus on that and blame all the bad economic stuff on the GOP.
I fully agree with your thoughts. Once this pain becomes widespread and tangible--the rabble will begin to look around for a face to pin the blame on. So, far they have largely been shielded from Obama's policies. The best thing that can happen is they get to really feel the pain of what they've voted for.