Negotiations and the 'Fiscal Cliff'

After the election three weeks ago, leaders of both parties posed for pictures at the Obama White House and vowed to avoid another dramatic confrontation over the so-called "fiscal cliff" looming at the end of the year.  Making a real deal is another matter.  This week, the President is conducting a very public campaign to raise taxes on three million families who make more than $250,000 a year. At the same time, Republicans have been drawing their own lines in the sand. What are the prospects of Democrats and Republicans reaching a deal? Would it be so bad if they didn’t?