We think higher tax rates would slow growth and receipts, but the counter-argument is that tax rates rose in 1993 and the economy grew.

FORBES: Malpass Handicaps Tax Cut Extension

So far Mr Putera's counter-attack has made slow progress.

ECONOMIST: The kretek man

Raising taxes to bring in money for the government is unlikely to work, and recent austerity programs in Greece have showed to be counter-productive and can actually slow economies and revenue flow, worsening the debt outlook.

FORBES: By 2015, Taxes and Entitlement Cuts to Ease Deficit