to some extent, you are correct. not exactly a cliff. but, both automatic changes coming up are net negatives for the economy as a whole. the funny part is: all it would take is a F--- it from the pols to give some certainty to the future. with certainty, things adjust.
if they don't do a deal of some kind by midnight new year's eve, cash will be the safest place to be. not necessarily the best place, but the safest.