As debt limit talks continue this week, legislators should keep in mind that no deal, or a deal that only seeks to cut spending, could have devastating effects on the fragile economy.

President Barack Obama’s “grand bargain” plan would reduce the deficit by $4 trillion over the next 10 years. Obama is pushing for revenue increases in the deal ”“ that would come by way of a modest tax increase to only the top 2 percent of earners in the country ”“ preserving tax breaks for 98 percent of Americans.

A small increase to the wealthiest of Americans will not hurt the economy or stall job growth. If tax breaks equated to job growth, the country would not be experiencing 9 percent unemployment, because corporations and wealthy Americans have enjoyed tax breaks and found numerous loopholes for a decade ”“ since former President George W. Bush instituted changes to the tax code to reduce taxes for the rich and large corporations.

It is time for those tax breaks to expire and for the people making the most money to pay their fair share. Normal, middle-class, working Americans pay their taxes because they do not have corporate attorneys to find loopholes in the tax code so they can avoid paying taxes. These breaks are unfair and need to end.

It is also important that both sides ”“ Democrat and Republican ”“ agree on spending cuts. It is clear that the way the government spends has to change, but it is important that nothing be off limits.

Defense spending, for example, accounts for about 20 percent of the overall U.S. budget, and it was increased just last week.

The U.S. House of Representatives passed the $649 billion defense spending bill on Friday ”“ an increase of $17 billion for the Defense Department.

According to an Associated Press report, House Republican leaders agreed to cut billions of dollars from the proposed budgets for other agencies ”“ including food aid for low-income women, health research and energy efficiency ”“ while the military budget is the only budget that will have a double-digit increase.

If legislators were serious about cutting spending, they would cut defense spending along with every other item they have proposed to cut. If legislators were serious about making the best choices for the people, they would stop trying to protect their campaign donors and get serious about passing a bill to reduce spending, increase revenues and raise the debt limit so the country can continue to pay its bills.

When Republicans like House Majority Leader Eric Cantor walk out of budget talks because they refuse to touch tax breaks for oil and gas companies and the most wealthy people in this country, they are hurting the Americans who are looking for work every day, or going to work every day despite no increases in their wages for years, and who are cutting their spending at home.

It is time for our representatives and senators to do what is right for Americans and make a deal that includes spending cuts and revenue increases. Republicans and Democrats need to work together to get a deal done to continue to allow for economic recovery and ensure the country’s fiscal health in the coming years.

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Questions? Comments? Contact Managing Editor Kristen Schulze Muszynski by calling 282-1535, Ext. 322, or via e-mail at kristenm@journaltribune.com.