BBBBWWWAHAHAHAHAHHAHAHAHAHHAHHAHAHAH
If I was a DL pilot, this would be my initial reaction. If my employer was in trouble I would probably agreed to a 10 percent temporary cut not a 22 + 4.5 percent cut. This seems to help prove the point that DL management is clueless.
Ask them to pass on the raise and a 5.5 cut then begin negotiations for further cuts across all labor fronts so you don't alienate just one labor faction.