no doubt let's stop spending but let's also let the Bush tax cuts expire......and we don't really have to waste our time debating it because that is exactly what is going to happen in a few weeks
Spending will never stop. Period.
The taxes will happen, they won't collect as much revenue as projected, spending will continue to climb and we will all be back to this point in another year or two.
We have passed the point of diminishing returns when it comes to deficit spending/stimulus/gimmick programs/Fed inflationary policy/ZIRP etc. But those policies will continue until they are forced to stop from outside forces or forces from within.