Weekly Standard editor Bill Kristol says that Republicans in Congress should "take Obama's offer" to raise taxes on the wealthy because the GOP shouldn't "fall on its sword to defend a bunch of millionaires."

During a panel on Fox News Sunday, Kristol predicted that "Republicans will have to give in much more than they think" because of President Barack Obama's overwhelming electoral defeat of Mitt Romney.

"Four presidents in the last century have won 50 percent of the vote twice: Roosevelt, Eisenhower, Reagan, and Obama," the conservative pundit explained. "It pains me to say that, to put him in with those other three, but it's a fact. Democrats picked up seats in the House and the Senate. The president is in good shape. ... I think there will be a big budget deal. It will be an Obama budget deal much more than a Paul Ryan-type budget deal. Elections have consequences."

He continued: "The leadership in the Republican Party and the leadership in the conservative movement has to pull back, let people float new ideas. Let's have a serious debate. Don't scream and yell when one person says, 'You know what? It won't kill the country if we raise taxes a little bit on millionaires.' It really won't, I don't think."

"I really don't understand why Republicans don't take Obama's offer to freeze taxes for everyone below $250,000 -- make it $500,000, make it a million," Kristol insisted.

"Really? The Republican Party is going to fall on its sword to defend a bunch of millionaires, half of whom voted Democratic and half of them live in Hollywood?"