Impact of going over the cliff notwithstanding, the CBO's estimates about GDP are laughable. 0.8% is statistically 0, so they're saying it's nothing or pretty good. What is driving the 5% estimate? What's fundamentally changing in the economy that would push the economy that high? More regulations? Shutting down domestic gas and oil production? More spending on social programs?
These are the same clowns who have bungled every estimate they've issued in the last several years. CBO was once considered credible, but it's increasingly become more political and less reliable in the last few years.
They were wrong about the stimulus package(s) and BO Care, why are we supposed to believe anything they say now?