The Bush tax cuts of 2001 and 2003 and the larger Obama tax cuts of 2009 and 2010 are scheduled to expire at the end of 2012. If congress and the white house don't reach a new agreement by the end of 2012, then on January 1, 2013 taxes will soar to their level before the 2001 Bush tax cuts and spending will also have mandatory cuts.
With the delicate state of the US economy, this is a "Doomsday" event everyone agrees we need to avoid but we worry there is not enough leadership to get it done.
This clip is from "Dr. Strangelove or: How I Learned to Stop Worrying and Love the Bomb," directed by Stanley Kubrick in 1964.
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