This is not news. For two years Obama has kept the federal gov't headed for the cliff, pedal to the metal, knowing the media will blame the Republicans in Congress if it happens.
I will say it once again. Tax increases, especially on the "rich" will DECREASE revenue to the Treasury.
If you really want to achieve a balanced budget and reduce the national debt you must cut taxes on corporate profits and capital gains, keep personal income taxes where they are, deregulate industries, especially oil, coal, and nuclear power, and return banking/lending regulations to pre-CRA days.