Which hurts more in a recession, cutting spending or raising taxes?

Let’s say we need to cut the deficit by $1 trillion a year. In the current economy, which would hurt more? Cutting various spending programs by $1 trillion or raising $1 trillion in additional revenues by closing loopholes that let big corporations and wealthy taxpayers get by with little or no tax burden?

Whichever you think is the better strategy, please explain why that would be the preferred way to cut the deficit during a time of weak job growth.