This be the argument in support of spending cuts, or the first part of it:

White House press secretary Jay Carney said Republicans should not “play chicken with the economy.” The administration wants a prompt vote to raise the federal debt ceiling quickly. Carney went on to say, “The consequences of not raising the debt ceiling would be Armageddon-like in terms of the economy.”

But then again, if the federal debt limit keeps getting raised without any real new spending-limitation rules, Armageddon for the economy may come just as quickly. . .

Thus Larry Kudlow, as good a guru as any in this matter.

more more more here

The second part being expected revenues increase because of lower tax rates . . . .