So here's the deal. The Fiscal Cliff is coming. There is no political downside to Obama and the Democrats doing absolutely nothing. Obama won't even have to pick up the veto pen if he doesn't like the deal he's offered. It's all on the Republicans to avert this if they wish to do so. If your taxes go up January 1 it's because the Republicans chose, at multiple points, to light the fuse and keep it burning. Don't blame Obama or the Dem's; review your history and put the blame where it belongs.

That said, if we do go over the cliff on January 1st we put the marginal rates back to 2000 levels across the board. From that blank slate there's nothing stopping the House and Senate from passing Obama's preferred tax structure and spending plan and calling it a win/win.