Should Obama raise taxes for everyone?

The fact is that the budget deficit is ballooning; something has to be done soon. The spending cuts have to start; this is something everyone can agree upon. But what about raising taxes? I know in America there's a knee-jerk reaction every time someone mentions the dreaded phrase, but raising taxes for everyone, not just amongst the rich, would significantly help with reducing the deficit. It would be painful in the short term, of course it would, but later when the economy stabilises, they could again be cut. Should Obama do it? What do you think?