Obama is doing a full court press for a soak-the-rich income tax hike. Not a peep about spending cuts. Obama clearly hopes to get himself a nice little tax hike to stave off bankruptcy for a little while. The Republicans aren't saying boo. They ought to be saying, "Do some real spending cuts and THEN and only then will we talk tax hikes."
As things are going, Obama will get his tax hike. And no spending cuts will happen.