President Obama and GOP leadership need to come to a reasonable compromise for tax increases and spending cuts. The approach must be balanced, offering a reasonable amount of spending cuts for a reasonable amount of tax increases. They need not be equal, but they do need to be concrete and split the burden of fixing our deficit and debt problems across entitlement reform and tax increases on the wealthy.
The President must stand up and lead on this issue - which means he must be willing to negotiate in good faith with GOP leaders. Similarly, GOP leaders must be willing to negotiate in good faith with the Administration.
I propose that for every $2.50 in increased revenue we also see a $1 decrease in spending.