17. The computer program product of claim 12 , wherein the program code configured to cause the computing device to perform the localization abstraction process comprises program code configured to cause the computing device to: initialize the localization abstraction process with every design component replaced by a cutpoint; perform satisfiability-based (SAT-based) bounded model checking (BMC) for a first timestep on the abstracted design; identify and analyzing spurious counterexamples; refine the localization abstraction by adding sufficient design components, to the abstracted design to eliminate the spurious counterexamples, wherein the design components added are selected based on an analysis of assigned priorities for the design components; in response to completion of elimination of spurious counterexamples at a specific timestep, perform proof-based abstraction (PBA) up to that specific timestep to eliminate unnecessary logic from the abstracted design; and increment a timestep and iterating through processes including the performing SAT-based BMC, the identifying and analyzing, the refining, and the performing PBA processes up to the configured resource limit, wherein counterexample based abstraction (CBA) and proof-based abstraction (PBA) are interleaved utilizing the assigned priorities of the design components to complete the refining.
17. The computer program product of claim 12 , wherein the program code configured to cause the computing device to perform the localization abstraction process comprises program code configured to cause the computing device to: initialize the localization abstraction process with every design component replaced by a cutpoint; perform satisfiability-based (SAT-based) bounded model checking (BMC) for a first timestep on the abstracted design; identify and analyzing spurious counterexamples; refine the localization abstraction by adding sufficient design components, to the abstracted design to eliminate the spurious counterexamples, wherein the design components added are selected based on an analysis of assigned priorities for the design components; in response to completion of elimination of spurious counterexamples at a specific timestep, perform proof-based abstraction (PBA) up to that specific timestep to eliminate unnecessary logic from the abstracted design; and increment a timestep and iterating through processes including the performing SAT-based BMC, the identifying and analyzing, the refining, and the performing PBA processes up to the configured resource limit, wherein counterexample based abstraction (CBA) and proof-based abstraction (PBA) are interleaved utilizing the assigned priorities of the design components to complete the refining. 18. The computer program product of claim 17 , wherein the program code configured to cause the computing device to refine the localization abstraction comprises program code configured to cause the computing device to: in response to encountering a spurious counterexample within the abstracted design: identify cutpoints introduced to the design that correspond to design components having a next highest priority; assign the next highest priority as the priority for use in determining which design components to retain; and replace each identified cutpoints with the corresponding design components to generate a refined abstraction.