commit every dollar raised through higher tax rates on the "rich" to go towards deficit reduction and not new spending.

The President insists that his call to raise taxes on the rich is a pragmatic and centrist approach to deal with our massive debt and deficits - it is an integral component of a "balanced" plan to solve our debt crisis. So, if the president is serious he will commit ever dollar raised through higher tax rates to paying down the deficit. I propose that until the budget is balanced the difference in revenue raised through higher tax rates and the Bush tax rates for the wealthy be earmarked for deficit reduction. Only when the budget is balanced may the president or his successor use such revenue for more government spending.