Alright, here's your compromise.
1. Republicans agree to raise the debt limit in a nearly clean bill, with its only additional bit of legislation stating that if the following resolutions don't pass the bill is invalid.
2. Democrats must agree to pass a resolution requiring that the 2012 and 2013 budget must be balanced in regards to expenditures compared to revenue, IE that spending will match predicted revenue. Included in this resolution is that no tax increases will be allowed to be considered until FY 2013.
3. Democrats and Republicans agree to form a bipartisan committee to draft a bill to reform the tax code and close loopholes in such a way to increase efficiency in the system while maintaining the current effective tax rates
4. Republicans agree to a 1% per tax bracket (starting with the 2nd bracket) increase that does not go into effect until FY 2014 AND is rendered invalid if spending in 2012 or 2013 exceeds both the budget and taken in revenue.
This gets the Debt Ceiling raised with a relatively clean bill. You also have a tax increase signed in and ready to occur but also doesn't happen immedietely giving Obama a bit of cover regarding taxes in the near term. The tax increase would take those making 175K or more a year up 4% and those making over 380k up 5%.
You get a balanced budget for the next two years with significant spending cuts and political ammo to potentially push for entitlement reform. You get one and a half years free of having to worry about any tax increases. And the tax increase that will come in 2014 will only come if the budget actually remained balanced for 2 years meaning only if the government actually acts seriously regarding spending.
Would this be an acceptable compromise for you?