As negotiations in Washington to raise the nation’s debt ceiling head down to the wire, it’s mostly political gamesmanship that the public is seeing. The debt limit deadline is Aug. 2, and the risks of not reaching a deal are serious.

Failure to raise the debt ceiling could create turmoil in the already-shaky global financial markets. And investment rating agencies, like Moody’s, have already said that failure to reach a deal on the debt ceiling, which would be technically a default by the United States, would result in a lower credit rating on government debt, which would increase the cost of borrowing across the rest of the economy.

The accepted necessity to raise the debt ceiling has provided valuable leverage for Republicans to extract concessions from Democrats on long-term spending reductions. But now it’s time for Republicans to give a little — meaning, allow for some tax increases.

Every serious observer of the federal budget crisis believes that spending cuts alone will not balance the budget, even though Republican negotiators in the debt ceiling deal insist they will not approve any tax increases. Earlier this year, President Barack Obama’s bipartisan debt commission recommended a broad mix of spending cuts and tax increases — with spending cuts representing about three quarters or more of the long-term solution.

It’s a reasonable and responsible balance that Republicans should accept.

The current debate over tax increases could be a preview of a coming debate over the planned expiration of Bush-era tax cuts. By agreeing to let tax rates return to the Clinton-era levels, Republicans would take a potentially effective Democratic campaign line off the table for the 2012 elections.

Allowing for taxes to return to the Clinton-era levels would muffle charges that the GOP “defends tax breaks for millionaires and billionaires.”

Tax rates today are at historic lows, so allowing taxes to increase slightly at this point would work for political and practical reasons.

Beyond that, the widening income disparity in the United States poses a threat to the middle class, and without a vibrant middle class the entire U.S. economy is at risk. Washington politicians, including Republicans, know this.

In his speech Wednesday, Obama blasted Republicans for not doing enough to solve the debt ceiling issue and mentioned tax breaks for corporate jets and the preferred tax rates paid by some billionaire hedge fund managers. Corporate jets and a few wealthy investors make for easy political targets, but eliminating the jet tax break would only bring an additional $3 billion to the Treasury over 10 years, a drop in the bucket considering the $400 billion in additional tax revenues that Democrats are proposing.

Still, some tax increases will be necessary to resolve the nation’s debt crisis.

Spending reductions must be the larger part of the solution, but some taxes will have to go up.

Raising taxes on the wealthy, maybe even adding an additional “millionaires” tax rate for the super-rich, could be part of a solution.

Tax breaks and loopholes should be seen as tax expenditures — meaning Republicans’ passion for trimming spending should target many tax breaks, corporate tax loopholes for hugely profitable corporations as well as subsidies for giant oil companies and the ethanol industry.

Given today’s budget crisis, we can no longer afford such tax code spending excesses.

So, as pressure mounts for a deal on the debt ceiling, Republicans should give a little on tax increases and closing many tax loopholes, while still emphasizing the need for major, long-term spending reductions.

As with most problems, a balanced approach is needed. This is something that most Americans understand — and it’s time for Republican leaders and the “no tax increases, ever” crowd to admit it also.