The "fiscal cliff" is an alarmist term created by mass media for the sake of instilling fear into the American public. Allowing this deadline to pass will automatically get the president the tax increases on the super wealthy by reverting rates to Clinton-era levels and will automatically curb defense spending by an equal amount to cuts in so called "entitlement" programs.
Passing legislation after the deadline will remove any bargaining power currently held by the extremist Republican party and will put the ball in President Obama's hands. The Republicans could not say no to a tax cut for the working classes, and will be forced to lightly cut "entitlement" programs so as to not cut their precious defense spending.
Please do what we voted you in to do, Mr. President.