If we go over the fiscal cliff the deficit will be cut in half by spending cuts and tax increases. What's wrong with that? Plenty. Because the spending cuts amount to only about 10% of the deficit, and the tax increases are about 4 or 5 times as big as the spending cuts. The ratio should be reversed. We have a spending problem, not a revenue problem. The tax increases will slow economic growth which is already too slow. They will make it all the more difficult to reach a balanced budget and to begin to pay down the debt before higher interest rates make the debt unmanageable.