The spending cuts must come first. If you examine the history of this issue, congressional leaders always promise spending cuts if we just raise taxes. Taxes are raised and then spending is never cut and the debt continues to rise. After the spending cuts are in effect then begin the process of closing loopholes and reforming the tax code. But is does no good to raise taxes peicemeal with pie in the sky promises of spending cuts. That is how we got in this mess in the first place.
