That's a pretty good analysis, I think.  The SocSec maximum is an easy change to make.  People are already used to having the withholding for most if not all of the year.  I've enjoyed not having any more withholding after August or so (income clue there), but I would prefer a change there to an increase in, for example, property tax or other federal taxes.  If it would make SocSec more solvent, it seems like one of the easier tax hikes to absorb.  Of course, holiday retailers will have a different take on that.

As for other taxes, I'd still like to see a concerted effort at closing loopholes and managing the offshore corporate HQ situation before there are significant tax hikes. 

It think Obama's hardest promise to keep would be withdrawal from Iraq.  Some of his backers won't be satisfied with anything less than full pull-out in the first year, and I'm not sure that's either feasible or a good idea.  I have some friends in Dubai who are/were ardently against the US invasion of Iraq, but now that the deed is done, they are not in favor of a fast pull-out.   There is fear of what happens in the resulting power vacuum. 

I know, many of you have a bunch of arguements on the other side of that issue . . .