We study the electronic energy spectra and wave functions on the square Fibonacci tiling, using an off-diagonal tight-binding model, in order to determine the exact nature of the transitions between different spectral behaviors, as well as the scaling of the total bandwidth as it becomes finite. The macroscopic degeneracy of certain energy values in the spectrum is invoked as a possible mechanism for the emergence of extended electronic Bloch wave functions as the dimension changes from one to two.