To be fair 1.5 trillion "isn't that much". It's 0.6% of GDP, which is less than half the cost of the Bush tax cuts. I think they will couple permanent revenue neutral tax reform with temporary tax cuts (so the actual tax reform is permanent while the hike in the standard deduction or whatever they decide to do is temporary). If 1.5 trillion is the price for comprehensive tax reform (and not just a tax cut in disguise, which still is the most likely outcome) I think it's worth it. The US shouldn't rush into austerity like Europe did (yes, I would have preferred more reforms and less austerity in Europe and in my own country), it's better to reduce the deficit by gradually reforming programs like Medicare and Social Security.
It's a huge portion of the federal budget, and austerity is becoming code for "economics I don't like". So-called austerity, tax hikes and spending cuts, is basic Keynesianism.
