Fiscal Cliff May Be Felt Gradually, Analysts Say

http://www.nytimes.com/2012/10/10/us/fiscal-cliff-may-be-felt-gradually-analysts-say.html?src=un&feedurl=http%3A%2F%2Fjson8.nytimes.com%2Fpages%2Fbusiness%2Feconomy%2Findex.jsonp

This caught my eye, as Dr. McKinney pointed out that a Fiscal slope would have a less damaging effect than the proposed cliff.  Economists say, that if Congress doesn't reach a deal by January 1st,  all hope isn't lost.   Do you agree people will look into the tax deal and dip into savings because they'll have less disposable income, or do you think panic will ensue come April?  Thoughts?

"It is known in Washington as the“fiscal cliff.” But policy and economic analysts projecting its complicated and wide-ranging potential impact said the term “fiscal hill” or “fiscal slope” might be more apt: the effect would be powerful but gradual, and in some cases, reversible."


"Even if the tax increases hit in January, families might not notice the incremental loss of income in the near term, economists said. Households might temporarily dig into savings to maintain their spending on the gas, food, housing and other consumer goods, mitigating the impact the tax increases might have on the broader economy."