The tax increase will likely happen, but the commensurate budget cuts in social spending will be illusory. Real cuts will only come in defense which Barry Soetero secretly wants anyhow and the political consequences, of which, are more palatable then reductions in social spending. Dependent people are more worried about getting free things and less concerned about protecting this Republic.
And, the revenue will fall in spite of higher tax RATES which does not equate to more tax REVENUE... kind of like “beatings will continue until morale improves”
They can cut defense spending all they want. They can even get rid of the military all together. The military was there to protect the United States of America. Unfortunately, it has already fallen from within.