Call Their Bluff

In order to get our government's out-of-control deficit under control, we can do one of the following: we can cut spending; we can raise taxes; or we can do a little of both.
President Obama wanted to raise taxes. That would have slowed down the economy but would have reduced the national debt.
The Republican majority wanted to cut spending. That would have hurt every government program and expenditure, including unemployment benefits and the war, but it would reduce the debt.
Cutting some taxes and reducing some spending would slow down the economy some and hurt government programs a bit, but it would probably have gone farthest in reducing the debt.
But the President and the Republicans have come up with an option which does nothing to reduce the deficit. The compromise that they have agreed upon will extend tax breaks for two years AND continue unemployment benefits. It neither raises taxes NOR reduces spending. It is the worst option imaginable. It is the status quo. The deficit will only get worse under this plan.
Why did Obama strike this deal? Because the Republicans, from what I've heard, were going to block any tax cut if they did not get a tax cut for the top earners in this country. Well, let them. That would mean that we would reduce the deficit, and if there was any backlash, they would take the blame. They were voted in to reduce taxes and ended up raising them? That would be political suicide. They are bluffing, and the President should have called their bluff.
Congress, however, still has a chance to call their bluff by voting it down.