The current big debate is the Bush tax cuts. I love how the left said the tax cuts were for the rich and now that they are due to expire, it is a big tax increase for the middle class. Most feel that this is a bad time to allow the cuts to expire and I agree to a point. The big debate is what to do about the top income bracket.
The left argues that extending the cuts for the rich is at the risk of extending unemployment payments.The left wants the rates to go up for those making over $200000. The right says no tax increases, but cut deficits.
Here is a novel compromise that will appeal to both left and right and maybe even help the economy. Let the cuts for the rich expire This will increase revenue about 70 billion a year.But instead of spending the extra revenue , match it dollar for dollar with spending cuts. This will send a powerful message that we are serious about our deficit spending. The combined result would be a decrease in deficit spending of 140 billion which is about 11 % of the deficit and a damn good first step.