Obama’s big deficit speech last week was a meaningful step in the direction of liberal fiscal honesty and represented a breakthrough for him in two big ways. It was the first time the president has seriously confronted our long-term fiscal problem with meaningful specifics. And it was the first time he has put forth a coherent vision of government’s role. . . . Obama outclassed Ryan both by painting an optimistic vision of America’s future and by using plausible numbers. . . . Where Obama fudged—though not on Ryan’s epic scale—was by assuming that raising taxes on the wealthy will be enough, by positing as yet unachieved health care costs savings, and by avoiding specifics on where budget savings would come from.
[T]he President’s Framework falls short of both the Fiscal Commission recommendations and those from the House Budget Committee,both of which would reduce the deficit by over $4 trillion and reduce the debt to below69 percent of GDP by the end of the 10-year period.