From the New York Times:
WASHINGTON — President Obama will call this week for a broad plan to raise revenues and cut deficits, as the battle over fiscal issues moves past this weekend’s budget deal and into a broader and more consequential debate over the nation’s long-term fiscal health.
In a speech to be delivered at a university here on Wednesday, Mr. Obama will call on Congress to join him in writing a multiyear debt-reduction plan that would depart significantly from the one proposed by House Republicans, administration officials said.
The Republican plan includes an overhaul of Medicare and trillions of dollars in tax cuts, while sparing defense spending. Mr. Obama, by contrast, envisions a comprehensive plan that would include tax increases for the richest taxpayers and military spending cuts as well as savings in Medicare and Medicaid, along with changes to Social Security that the administration says will ensure its solvency for decades — much like his fiscal commission recommended in December.
The Radical Republicans will have their targets still, like Planned Parenthood, PBS, NPR and other government subsidized entities and will go after them with a vengeance. Education will also be targeted. Mental health and substance abuse programs have already been targeted. HCR will also have a nuke aimed at it.
Before the 2012 budget is considered, Congress must raise the debt ceiling. Failure to do so will ruin any chance of recovery and in all probability will limit our ability to borrow at low interest rates. Congressmen who try to play political reindeer games with the debt ceiling will pay for it at election time.
It is not known if the President will assume the same mediator role as he did for 2011 budget. Little is known how the Democrats will respond. What will be that target from either group?