In case you have not yet heard about this, please take a look at this chart, from Talking Points Memo:
The top chart projects the budget deficit if the Bush tax cuts are allowed to expire; the lower chart shows what will happen if they are renewed.
Yes, if Congress does nothing, and allows the Bush tax cuts to expire, the entire budget deficit will disappear by the end of the next Presidential term. I'll tell you what- this would probably cost my family a couple of thousand dollars a year, but at this point I would gladly pay it to shut the Republicans up about this bogus issue which they caused and which they are now blaming on the Democrats, as usual.
Not that the Republicans won't have plenty of other bogus issues to trot out, but at least we would be treated (for the second time in three decades) to the sight of Republicans screaming about the national debt while piling it up, and Democrats fixing the problem. Not that right wingers would give Obama any more credit than they gave Clinton, nor that they would ever admit that their gods Reagan and Bush created the problems they scream about, but I'm sure we are all past hoping for that to happen.