Here It Is

President Obama this morning:

"It comes down to this: We have to prioritize. Both parties agree that we need to reduce the deficit by the same amount -- by $4 trillion. So what choices are we going to make to reach that goal? Either we ask the wealthiest Americans to pay their fair share in taxes, or we’re going to have to ask seniors to pay more for Medicare. We can’t afford to do both.

Either we gut education and medical research, or we’ve got to reform the tax code so that the most profitable corporations have to give up tax loopholes that other companies don’t get. We can’t afford to do both.

This is not class warfare. It’s math. The money is going to have to come from someplace. And if we’re not willing to ask those who've done extraordinarily well to help America close the deficit and we are trying to reach that same target of $4 trillion, then the logic, the math says everybody else has to do a whole lot more: We’ve got to put the entire burden on the middle class and the poor. We’ve got to scale back on the investments that have always helped our economy grow. We’ve got to settle for second-rate roads and second-rate bridges and second-rate airports, and schools that are crumbling.

That’s unacceptable to me. That’s unacceptable to the American people. And it will not happen on my watch. I will not support -- I will not support -- any plan that puts all the burden for closing our deficit on ordinary Americans. And I will veto any bill that changes benefits for those who rely on Medicare but does not raise serious revenues by asking the wealthiest Americans or biggest corporations to pay their fair share. We are not going to have a one-sided deal that hurts the folks who are most vulnerable."

Ezra Klein comments:

The White House's strategy here isn't to appear so reasonable that Republicans can't help but cut a deal. They feel they tried that during the debt-ceiling debate, and it failed. The White House's strategy here is to produce a popular plan that strikes directly at Republican vulnerabilities on taxes and Medicare. If that scares the GOP and makes them more interested in coming to an agreement in the supercommittee process, then great. If not, it gives the White House a message to base its reelection campaign off of."

And here's Andrew Sullivan's take, with the numbers made easy.