Obama's speech - Well, he carved out two sentences for entitlement reform.  First, Medicare will be saved with "health care reform" while Social Security will be helped with - did I hear this right? - "tax-free universal accounts"?  Are those the much-vilified private accounts?  Details, please.

For the record, here's the text, via CNN:

"To preserve our long-term fiscal health, we must also address the growing costs in Medicare and Social Security. Comprehensive health care reform is the best way to strengthen Medicare for years to come. And we must also begin a conversation on how to do the same for Social Security, while creating tax-free universal savings accounts for all Americans."

For the record, Medicare is already running a deficit and we've only reached the first wave of Baby Boomers.  All the political and demographic pressure is towards much more spending.

Extra - Melissa Clouthier is liveblogging the address.