Hit and Run looks at Obama's plan to cut the debt by $4 trillion and finds it's all smoke, mirrors, and taxes:
That $4 trillion in deficit reduction takes credit for nearly a trillion dollars in pared back war spending that is already scheduled to happen. The Medicare cuts called for by the plan are of the dubious slashing-provider-reimbursement variety that Congress has had serious trouble maintaining before and that the administration has already put the brakes on in one instance. The plan plays games with the budget baseline, counts $800 billion in debt payments as a "spending cut," and cleverly spreads is deficit reduction out over 12 years rather than the industry-standard 10 year window in order to meet the $4 trillion threshhold but make the early cuts — the ones he'd actually have to oversee as president — quite a bit smaller.In other words, it's just more "making stuff up" and hoping nobody will notice.
As The Washington Post's Fact Checker Glenn Kessler wrote earlier this month, "virtually no serious budget analyst" buys the president's $4 trillion deficit reduction figure, and "most of Obama’s claimed deficit reduction comes from his proposed tax increases."
Budget gimmicks and tax hikes: That's Obama's version of a balanced plan.