The budget deficit is approximately $1.1 trillion per year. Eliminating the Bush tax cuts for $250,000+ earners would raise approximately $80 billion per year. Let's say you get that $80 billion via some combination of higher rates and fewer deductions. In other words, you "win." Now that you've "won," where would you like to get the other $1.02 trillion?
This is exactly what the Republicans and the press should be asking the President.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.