The 110 billion is not the real fiscal cliff. It is what has the people in DC worried, because they hate the idea of even cutting government growth rates. But the real fiscal cliff will be the tax increase.
Even Obama said it was insane to raise taxes during a recession. The tax hike will cause unemployment to jump and revenues will go down. It will act as a further drag on our economy and push us deeper into depression. So deep that even Washington will have to sit up and take notice.