I'm with Peter Schiff on this; let's drop off the cliff. And when the pain comes, argue that it should have been all spending cuts instead of tax increases. We are spending in a way which cannot be compared to drunken sailors without insult to the latter. But taxes is at least better than borrowing or inflating and destroying the Dollar - not that I have much hope for the Dollar in the long term anyway with Bernake in charge of the coop.
Also, GWB played the Hoover role.. Obama is playing FDR - doubling down on everything his predecessor did wrong while blaming that predecessor the whole time. And that strategy works.. FDR was more popular than Hoover even though he was even MORE instrumental in keeping the Depression going.