The economy is still too fragile to withstand significant austerity measures frontloaded on any framework agreement with Congress.
We understand the need to resolve uncertainty and promote fiscal responsibility, but pace them against unemployment.
That is, consider accepting tax increases at a $1M threshold and a first slice of corresponding cuts now as an early baseline.
From there, agree that when the quarterly trailing unemployment average hits 7%, the next phase of taxes and spending cuts rolls in, say at $800k income levels.
Another tier clicks in at 6% unemployment ($600k), another at 5% ($400k), each with a new group of corresponding spending cuts.