By Johnny Isakson

Now that the election has been decided, we face a critically important deadline in a matter of a few weeks.

If Congress and President Barack Obama fail to address the “fiscal cliff” by Dec. 31, tax rates will increase to 15 percent on the bottom end and 39.6 percent on the top end. The capital gains tax rate will rise from 15 percent to 20 percent; the estate tax will increase to 55 percent; the dividend tax rate will increase to the marginal rate of the taxpayer; and the child tax and earned income credits will expire.

Additionally, the Budget Control Act’s sequester will go into effect and will trigger across-the-board cuts, including $55 billion to $65 billion in cuts to defense spending alone.

We are in a dangerous position if we don’t act now. In September 2008, we faced another kind of fiscal cliff and Congress failed to act quickly. Five years later, we are still recovering from the drop in the markets because of our slow response back then. If we don’t address the current fiscal cliff in this lame-duck session of Congress, we will put the nation in the same precarious position.

Sitting down at the table to find common ground is the first step. We all agree that we must address this by tackling three things: spending, revenue and so-called entitlements.

In terms of spending, we should cut discretionary spending, but that alone will not solve our debt and deficit problem. Congress should return to a responsible budget and appropriations process focused on savings and accountability. As for defense spending, the consensus is that arbitrary cuts would be devastating to our defense. Instead, we should cut spending through a responsible, strategic approach.

When it comes to Medicare and Social Security, I don’t consider these programs to be “entitlements” because Americans have paid into them their entire working lives. That’s why we must take steps to preserve these programs for those who have paid into the system and for future generations as well. I propose extending the age of eligibility for Social Security for our children and grandchildren, just as President Reagan and House Speaker Tip O’Neill did in 1983. Medicare is a tougher issue, but converting from a fee-for-service program to premium support and means-testing is a first step.

As for the tax code, it would not be difficult to come up with a plan that lowers rates and raises revenues. For example, a possible solution could be means-tested deductions.

Jumping off the fiscal cliff is not an option. I’m ready to sit down at the table with anyone who is willing to find solutions. Georgians sent me to Washington expecting no less. We need a game plan for the next decade to reduce our deficits and reduce our debt. When we do, we’ll return to the greatness America has always known.