Certainly not the whole solution, we need massive slashing of federal government and probably some legislation to let some states renege on their union/pension obligations, too.
But I think the difference between extending or making permanent the Bush tax cuts and letting them expire would be huge. To jack up taxes in the next four weeks would be an a killer for our invalid of an economy.
But to make the whole thing merely extending tax cuts is simplistic in the extreme. We should be advocating a package of tax cuts and spending cuts.