Strangely enough I'd be all for a compromise type situation where the Bush Cuts...all of them...are "extended". Following that pass a law raising taxes a certain amount, perhaps more on the higher earning brackets, across the board however in conjunction with that there would be a requirement on congress to pass a budget that is a certain percentage less than the previous years. If they fail to do so then the tax hike fails to go into effect. Give it a time limit of say, 5 years. Essentially...we the people would agree to pay more in taxes in exchange for they the government stating they'd spend less. If they don't hold up to their end of the bargain, we wouldn't have to.