Ben Bernanke coined the term "Fiscal Cliff". That is public knowledge now. But how did he in charge of monetary policy have the fore sight to label the greatest debacle since the last debt ceiling increase before anybody else could? Because he wanted a smoke screen for his horrible monetary policy.
He instituted QE4Ever right before this debate so that no one would discuss the continued propping of the monetary system. Then he sat back like a bandit with the King's Ransom and let Congress throw banana peels at each other like a barrel of caged monkeys.
Either way it is cut both groups (the Monetarians and the Fiscalites - those in charge of such policies) are using fallacious terms to engineer debate, but the more dangerous one is the current monetary policy. The fiscal policy can be justified but the monetary policy is built on absolute lies.
Should we increase revenue? Cut spending? I wouldn't say I know what to do, but I do know the current monetary policy will wreck the economy. The Fed heads know this and that is why their think tank coined the term a year ago. Now that all eyes are on the Fiscal Cliff they can sit back in their counting houses and flip their monies.