The Budget Control Act of 2012 was passed to create a phony debt crisis which could be used to shred Social Security and Medicare.
Tax cuts for the rich will be modest by comparison to the cuts made to the social safety net. They are a Trojan Horse by which middle and lower income people will be stripped of benefits for which they have paid and which do not contribute to the debt.
In order to pull out of the depression we are in, government spending must increase substantially, not decrease. Lowering debt will accelerate the downward spiral of the economy. When austerity rules, middle and lower income people and the unemployed lose their assets.