It might be time to look at the "Fiscal Cliff" and decide to dive in. The tax increases are going to be hard to swallow, but those can be decreased at a later date; the deficit reduction seems to be needed, lest we find ourselves in a Greek tragedy later in the decade as the $16B tab heads off into somewhere in the 20s if presented with a president who insists on spending and a House insisting on lower taxes.
Will that slow economic growth? Yes, but we're likely looking at slow econoic growth with a Chinese economy reaching a breaking point, a European economic still overlevered and the kicking in of Obamacare slowing things down. When the deficit does get contained and the voters looking for some better growth, we'll be in a position to have a helpful fiscal policy rather than just jacking up taxes in order to pay the interest on the mounting debt.
Here's some classic movie help from a couple of good liberals in Redford and Newman-