I'm a Republican and think we should acknowledge Obama's election victory and give him his tax cut for those making less than $250K, and an increase for the upper 2%. However, Bohner has a good suggestion about closing loopholes and deductions for the wealthy. These should be identified and evaluated and those that only affect the upper 2% could be used to exempt more people from increases, say incomes up to $700K.
Having done this we Republicans should demand cuts in entitlements. To be fair we should try to avoid imposition on the infirm, elderly and unfortunate. We should start with Washington entitlements. Congress should give up their free postage, dining rooms, gyms, haircuts, air fares and parking spaces at the airport and outrageous retirement program. They should shop for health and retirement with the rest of us. In addition, their base salary of $174K is excessive. They only work about 60 days, or 1/6 of a year, so their salary should be $29K. Leaders in the House and Senate could be 50% more. Congressional staff works much longer, but should be capped and $100K. Political appointees, such as the various czars are generally independently wealthy and could have their salaries capped at a similar figure. During the 10 months that Congress is not in session, the Capitol building should be closed for cleaning then turn off utilities. Any necessary meeting can be conducted in lobbyists' offices or their hotel rooms.
The President should also reduce his entitlements even though he needs to be able to move about the country. However, he should trade in Air Force One and purchase a Lear Jet. He doesn't need all that room, and the media moochers that feel entitled to a free ride, can begin to support our airline economy. Camp David is another huge entitlement of the presidency. When not in official use, it should be rented out as luxury spa for the 2%.
The military currently has 50 four-star generals. During WWII, we probably only had a total of less than 10. So retire 40, and cap the positions at a max of 10 and reduce the underling generals similarly. Also, limit military purchases to no more than the military requests. Stop buying stuff they don't want.
Now that is a balanced approach to solving our national debt problem.
When these actions are completed, then we can see what other revenue increases and/or entitlement cuts are necessary. In the meantime, the two political parties can begin acting like adults.