I agree with much of what you posted and appreciate the common sense and objective point of view.
I disagree with you on one issue however and that is the need for spending cuts to offset tax cuts as there will be no tax cuts only extension of the Bush tax cuts that are in place right now. I do believe there is room however to cut taxes in other areas.
The bottom line is it is imperative that we get a large number of those 16 million unemployed back to work and paying taxes. The only way that tax revenue will drop is if unemployment continues to remain this high. Obama has yet to show any indication that he understands that govt. revenue is impacted more by the unemployed than by the current tax cuts in place.