The Republican House won't vote for any tax increase -- they won't buy into it because they told people they would not raise taxes to get elected. It may cause a recession and they don't want to be part of it. Obama will blame them for any recession because of the increase of taxes on those below $250k.
The next year will be rough. European and Asian demand is headed down. The US stock market may take a big hit when all the engineers doing defense work out in California get pink slips -- like Boeing is doing right now. But they are not Obama's problem -- after 99 weeks of unemployment they probably won't qualify for food stamps.