House Republicans are in a tough spot. If they do nothing, the federal government will go over what Federal Reserve Chairman Ben Bernanke first called the “fiscal cliff.” In 2013, taxes will automatically rise by more than $450 billion, defense spending will be ratcheted down by $24 billion, and the U.S. economy will likely slip into recession. To make matters worse for the Republicans, current polling indicates that the American public will probably blame them if it happens.

But to prevent that economic and political disaster, President Obama is asking Republicans accept a $1.6 trillion tax hike over 10 years, $400 billion in Medicare cuts and abolition of the federal government’s borrowing limit.