I'm just less than convinced loophole elimination will offset a 6% reduction in tax rates, and not sure what was wrong with simply maintaining existing rates and removing loopholes virtually everyone agrees makes no more sense than the AMT. The deficit and debt are so bad that even Grover Norquist would accept a return to pre-Bush tax rates (the ones that had balanced the budget and reduced the debt), but Obama's offering tax cuts. HOW we'll get there is still far from certain, but that's the stated goal, so if we don't reach something resembling it, it won't be the plan under discussion. Obama can say he forced Republicans to deal, even though they'll actually get a tax CUT they didn't even seek, Republicans can say they didn't accept a tax hike, and nothing else will change. We'll raise the debt ceiling yet again then have this debate all over again next year, with Republicans knowing they've never had to make any concessions to what will then be a lame duck president.

Insanity. Raise taxes, cut spending, or you're just marking time until we declare bankruptcy anyway.