There are miles to go before anything about this is settled. But for me, Ezra Klein provides some much needed perspective.
...if we decided to get serious about the deficit and let all of the Bush tax cuts expire in 2012 -- yes, including the cuts for the not-so-rich -- the reduction in the deficit would be vastly larger than anything envisioned in this budget. It's an odd turn of events, but for all that this budget, and the various Republican proposals, attempt to actually do for the deficit, the biggest single thing we could do would be to do, well, nothing: Let the Bush tax cuts expire and let the health-reform law and the associated Medicare cuts and excise tax get implemented as planned. Doing by not doing: That's the zen of deficit reduction. Somehow, I doubt Washington will find it very calming.