The Obama Administration should let the Bush tax cuts expire for the top 2% of the wealthiest Americans. We can pay off the national debt in 5 years, after which we would be in a very good position to improve across the board: education, healthcare, environmental and technological incentives, infrastructure, affordable housing, etc.
This is the easiest way to restore balance to our national budget. The wealthiest Americans have reaped the benefits of favorable policy since the Reagan administration while the lower 98% stagnate or diminish economically.
Austerity is not the answer. Let the tax rate for the top 2% return to Clinton era levels.