Could going over the fiscal cliff actually happen?

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According to Dr. Mike Hicks, an economist at Ball State University, it can and probably will...at some point, at least.  Hicks says going over the fiscal cliff is going to cost a $40,000 to $50,000 a year household between $1,800 and $2,200 a year.

Hicks says at some point, if the government doesn't start working harder to pay off its debt, its creditors, mainly the Chinese, could stop lending money and buying the country's debt which would send interest rates on the debt skyrocketing.  He says the country would have a longer amount of time to deal with its debt if we make credible early steps to eliminate it.  He says that includes spending cuts and reasonable tax increases on everyone, including the wealthy.

Hicks says, politically speaking, he doesn't see a better option for avoiding the fiscal cliff than what's currently on the table.  But he says it should be a gradual thing as trying to pay off the debt at once would cause a pretty steep recession.