To be honest both major parties are at fault for this impending debt crisis. Government budgets work on "baseline budgeting". When they talk of "cuts" its always only cuts to a programs rate of growth and not actual real cuts to the programs themselves. If they want to be serious about dealing with the problem they need to look at REAL cuts to programs and freeze all growth.
During the bush years Republicans had complete control until 2006 and they failed to address run away spending. In 2006 democrats took control of house and senate because of that, but they along with bush did not correct the problem. Both parties were at fault for the bail outs and excessive spending during the burst of the housing bubble brought on by the low lending standards of sub prime mortgages.
The real issue is real reform is needed with real cuts in order to get to a balanced budget. The problem with raising taxes with the current fragile state of the economy may only worsen the economic problems, because more money is being taken out of the already strapped and unconfident private sector. What is needed is real economic stimulation to get businesses spending and banks lending again. We need a simplified tax system that closes loop holes and lowers rates lower corporate tax rate since it is currently highest in the world, loosen some regulations, open up more energy opportunities in the US and put confidence back in the market. If the economy is chugging along then you can have a real debate on raising certain tax brackets but I personally dont see a benefit of taking more money out of the private sector if government is eventually able to balance their budget without the need of higher taxes.
