Really.
I do not consider “goverment spending reductions and expiration of tax cuts”, or “across-the-board cuts in all non-exempt programs” to be catastrophic.
Those are a good start to over-hauling our socialized, bloated government.
Done intelligently, yes. Done this way, it could be very bad. The assumption also has to be that Treasury and the FED will throw their hand in with the Democrats, if no other way than by ending their blatant manipulation of the stock market.