Bad News Friday  —  The two biggest pieces of news today are that President Obama's budget will reflect the tax and spending deal he offered House Speaker John Boehner last year — i.e. it will include the so-called Chained-CPI Social Security benefit cut — and that the March jobs numbers came in way lower than expected.

Obama budget would cut entitlements in exchange for tax increases  —  President Obama will release a budget next week that proposes significant cuts to Medicare and Social Security and fewer tax hikes than in the past, a conciliatory approach that he hopes will convince Republicans to sign onto …