President Obama’s new budget, released on Wednesday, is stuffed with constructive ideas. It bravely outlines concrete steps to begin fixing Social Security. It flouts today’s all-deficit-cutting, all-the-time mentality with important proposals for fresh spending on infrastructure and universal prekindergarten education. It includes detailed plans to close tax loopholes and raise needed revenues from the wealthy.
But in one critical area — long-term deficit reduction — the president has offered less than not only the House Republican budget but also the proposal by the Senate Democrats. Over a 10-year horizon, his deficit-reduction plan doesn’t have enough, well, deficit reduction.
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