On Jan. 1, nearly $8 trillion in tax increases and across-the-board spending cuts are scheduled to take effect.

That’s exactly what we need to fix a debt crisis BTW.  The Republicans are going to take the debt limit hostage…again.   While they shared the blame in the public’s eyes for the downgrade caused by the debt debacle last yeat, they got/get to slam Obama for the slow growth hampered by the debt debacle last year.

And…in the case of someone as “honest” as your friendly neighborhood private equity fund manager…you get to blame Obama for the whole debt…as you pay a lower tax rate than the working class. 
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Republicans Pledge New Standoff on Debt Limit – NYTimes.com
http://www.nytimes.com/2012/05/16/us/politics/gop-pledges-new-standoff-on-debt-limit.html