"It's an odd turn of events, but for all that this budget, and the various Republican proposals, attempt to actually do for the deficit, the biggest single thing we could do would be to do, well, nothing: Let the Bush tax cuts expire and let the health-reform law and the associated Medicare cuts and excise tax get implemented as planned. Doing by not doing: That's the zen of deficit reduction. Somehow, I doubt Washington will find it very calming." Ezra Klein at The Washington Post
Methinks Obama should read Ezra Klein more.
Oh, and cut defense spending and deal with entitlement reform. Social security would be the easiest to tackle - lift the caps on the pay roll tax and raise the retirement age by 1 or 2 years. I don't think anyone wants to touch that one since the first to propose a reform will be accused of rationing another person's health care. Do the the younger people get priority? Older people? Will the money be distributed on an outcomes-based expectation?
The Republican version - handing out vouchers to pay for health care, sounds suspiciously like having you purchase your own insurance from an insurance company that will gladly accept your paychecks but deny your claim when it suits them.