I can't imagine anything more incendiary than a government mandated freeze on private wages and prices.
One immediate consequence of a true "freeze" would be that the one trillion dollar deficit would be made permanent, assuming that a tax rate freeze was included.
The way I see it, the deficit problem is due to uncontrolled spending. A freeze might allow time to cut that spending and get the house in order, while protecting those who stand to lose the most during extreme inflation.