Think Markets has an excellent piece on the Fiscal Cliff.

The highlights?

1. Table below shows exactly what gets cut if there is no deal

2 Consequences are stacked in “favor” of tax increases – not spending cuts.

3. Only $136 billion in cuts out of a Fed budget of ~$4 trillion for FY 2013.

4. Tax increases are $532 billion (including Bush tax cuts) — Yes, the GOP agreed to Tax to spending cuts of 4X.

5. Defense cuts are ephemeral; as soon as the US encounter any new war, spending quickly ramps up.