You're making the perfect is the enemy of the good.
You assume that a purported trade of tax breaks for significant "spending reductions" is good. As a short-term expedient, it would be, but for one small problem:
Democrats LIE.
They will institute the tax increases as sure as the sun will rise tomorrow. The proffered spending cuts, however, will NEVER materialize. Why? Because next year is an election year and any proposal to "cut" the budget (Washingtonese for "reducing the originally-planned rate of increase") will be characterized in wall-to-wall Democrat campaign ads as "heartless", cruel", "vicious" , or "merciless": giveaways to the greedy Republican special interests especially those millionaires and billionaires that don't need it.
Compromise is easy, as is demagoguery. Responsibility is hard.