The additional revenues that would result from Obama's proposed tax on those with income above $250 would only amount to 5-6% of the annual deficit. If "rich" was redefined by raising the amount above which people's at rate would increase even higher than $250K, increased revenue would be even less, of course.

A 19:1 spending cuts-to-tax increases would have no chance of passing politically. Almost all the "grand bargains" discussed until now had spending cuts to tax increase ratios of 3:1 or 4:1.

More important, that amount of tax increase doesn't even work arithmetically. ALL discretionary government spending would have to be eliminated to just barely balance the budget. (Even that wouldn't work, of course, because laying off hundreds of thousands federal workers would throw the economy into immediate, deep depression.)

It's quite clear that to actually balance the annual federal budget that there will have to be deep and hurtful cuts to discretionary spending, including defense, as well as major reductions in the funding of Social Security and Medicare and major cuts to those entitlement benefits. But even those cuts wouldn't be enough. Major tax increases would be necessary, probably effecting everyone.

Prove it to yourself--do the arithmetic.