Yea Obama's plan would lower the deficit by $4 trillion except that he'll also in the same time increase the deficit by increasing the debt ceiling. And if anyone should be afraid in 2012 it's Obama and the democrats. You have over 24 seats to protect in the senate whereas the republicans only have to protect eight. I for a fact know you'll lose Missouri to the republicans because Senator Claire McCaskil is very unpopular here. So you're already fighting an uphill battle. Obama's approval is 42-44% in almost every major poll and with numbers like that he's screwed too. With unemployment being 9.2% there's no way he'll get to be president again and the economy and unemployment dominate voters priorities.
Obama's plan was to cut $4 trillion and the republicans is the same but for $2 trillion because they don't want tax increases. Not everything everyone wants will get passed but I think that there will be some sort of debt ceiling raise that will be accompanied by a couple trillion in cuts. I know any easy way to cut $2 trillion off the bat though, repeal Obama's healthcare reform. That's something a lot of people want (look at its polls).