we are happy to welelcome jonathan allen n and the washshington business journa's ben fischer. welcome. jonathan allen, congssional budget office not being optimistic this week. if anythining, try to get everyone to take nototice. ey say this fiscal l cliff is serious, people. wh is the message? >> what is interesting is a two- prononged message. one isf you get rid of the sequesestered -- >> let's go back to explain. forhose who may not havbeen paying attention, januaryy 1 when tax cuts are set to expire spepending cuts are set to go into effect, the perfect storm that could really huhurt the economy. >> two parts here. you have theax increases that would on january 1 if nothing is done. th you have t the cut t that would put into place as part of the debt limit t dealal last year, so w what you would get is a huge defit reduction. instead of $1.10 trillion, you wowould have maybe $600 million. however, cbo says debt reduction ---- what ththey say essentially is deficit t reduction is not all th good in this space because if you letoth those things happen, the economomic recov