According to Geithner, the President has no interest in reducing spending at all. In fact, he proposes major spending increases for infrastructure. As for taxes, the sky is the limit, apparently, to the President. So much for the economy. This is all about "revenge" after all.
As noted in a journal op-ed two days ago, the unfunded liability in social security and medicare increases by over $7 Trillion every single year. This $ 7 Trillion is not in the budget or under discussion. So, raising $ 1.6 Trillion in taxes over the next ten years does what? The only purpose of the Obama tax cut is to punish enemies. That's it. And if the American economy is condemned to stagnation for a generation or two, who cares? Certainly not the President.
Going over the cliff looks so much better than this. Let's hope the Republicans think of country first, strap on their seat belts, and take us over the fiscal cliff. Only in this manner can we ever hope to deal openly with the problems that the country faces. Avoiding the fiscal cliff, simply means avoiding have to face the issues squarely.