If the deal is $1.2 T in new taxes and new spending now in exchange for $400 B in cuts ten or more years away, then Republicans shouldn’t walk away from “fiscal cliff” negotiations. They should run.
The alternative is to just let sequestration take effect. The biggest hit is to the Department of Defense. And I can tell you that the hit won’t be nearly deep enough.*
*Usual caveat about this being my view and not DoD’s, blah, and blah.