Instead of agreeing to this, the Republicans need to do two things:
1) Stand by principles. If they "compromise," they lose, those who voted for them become disenchanted and the President wins (which means the economy loses)
2) In their talks, they must stick to their terms and put additional items on the table. Ask for MASSIVE spending cuts, the elimination of new programs, such as ObamaCare, a Balanced Budget Amendment (which New Jersey has in their state Constitution) and hold firm on NO NEW TAXES before agreeing on anything.
Voters want their representatives to "fight the good fight" and will likely go shopping for new candidates in 2012 if they cave, which will be detrimental to Republicans in the years to come!
Remember, winners set the terms and losers compromise!