Dire Predictions Amid Another Looming Fiscal Battle

There are growing warnings on Capitol Hill that the nation could be rolling toward an end-of-the-year fiscal train wreck.

"The looming tax hike will be absolutely devastating," Senate Minority Leader Mitch McConnell, R-Ky., said.

"You can call this a fiscal cliff. You can call it 'Taxmageddon' as others have done. Whatever you call it, it will be a disaster for the middle class," Sen. Orrin Hatch, R-Utah, added.

And Sen. Ben Nelson, D-Neb., said: "It's a tsunami; there's no question about it, and it's coming."