My plan makes it possible for both parties to enact their brand of debt balancing. Democrats get higher taxes and lower spending, republicans get lower spending and lower taxes. Your plan provides incentives for the wrong behavior, overspending gets a tax cut, while fiscal responsibility results in higher taxes.Except what you're proposing is the exact opposite of what I am and is something that frankly will never likely happen, from what I'm understanding. Whether than attempting to finding a plan that can reach out to both sides by giving nods to both of thier suggested methods, you're simply throwing out a completely liberal focused plan where "spending goes up and taxes goes up" that's doomed to fail in regards to actually getting passed and having significant support of the people because it basically throws the middle finger to the other side, the exact thing the proposal outlined above is attempting to avoid by tieing both the notion of "we need to increase taxes" and "we need to cut spending" together and making them reliant on each other thus giving a higher chance that both will be done as the only other alternative is for neither to be done under that plan.
I understand your concern about taxes skyrocketing to pay for absurd spending. However, you are discounting how unpopular increased taxation is. Our current level of spending is mostly based on the fact that we have completely divorced the idea of actually paying for our services and wars. Make the people feel a little pain every time they get more expenditures, and they will quickly become unwilling to support stuff they don't really really need.