The bipartisan legislation is in place. To the extent that the parties are genuinely concerned with deficit reduction, $4 trillion in deficit savings can be enacted this week by an up or down vote in each chamber. Combine it with extension of the debt ceiling through January, 2013.
Is it perfect? No. Does it gore sacred cows on both sides? Yes. Is there anything better on the horizon? No. Lets vote it into law and have the next election as a referendum on the nation's fiscal policy.