Obama's Speech Was a Waste of Breath  —  Obama had a difficult assignment in this speech, partly because of the exaggerated hopes for it (see previous post).  Even allowing for that, it was weak both politically and substantively.  My instant unguarded reaction, in fact, was to find it not just weak but pitiful.

Statement: Robert Greenstein, President, on President Obama's Deficit-Reduction Plan  —  President Obama made an important contribution today to efforts to address the nation's long-term fiscal problems, proposing a plan to reduce deficits by about $4 trillion over the next 12 years and meet …

Do-Nothing Congress as a Cure  —  A trick question: If Congress takes no action in coming years, what will happen to the budget deficit?  —  It will shrink — and shrink a lot.  This simple fact may offer the best hope for deficit reduction.  —  As federal law currently stands …

Strike One  —  We initially supported the deal House Speaker John Boehner cut with the White House to cut $38.5 billion from the rest of the fiscal year 2011 budget.  It was only a pittance in the context of all of Washington's red ink, but it seemed an acceptable start, even if we assumed it would be imperfect in its details.

‘Patriotic Millionaires’ Ask to Be Taxed More  —  If President Obama's deficit-reduction speech today includes a call to end the Bush-era tax cuts for the wealthiest Americans, there will surely be pushback; Republicans have already begun a preemptive attack on raising taxes.

Obama's Speech on Reducing the Budget (Text)  —  Following is a prepared text of President Obama's debt-reduction speech, to be delivered on Wednesday at The George Washington University, as released by the White House:  —  Good afternoon.  It's great to be back at GW.

Throw Grandma From the Train  —  President Obama at the GOP House retreat, January 2010:  —  “We're not going to be able to do anything about any of these entitlements if what we do is characterize whatever proposals are put out there as, 'Well, you know, that's — the other party's being irresponsible.