President Obama had a hard day yesterday. Conservatives, the press and even some Democrats hammered him for an unserious budget. So you can imagine the wheels turning in the Obama brain trust: Have a press conference and recover the narrative!RTR.
The problem is you then have to say something to dispel the negative storyline (i.e. the president doesn't understand and doesn't care about real fiscal repair). He tells us the Debt Commission is a "framework for discussion." What is that supposed to mean? (Answer: I'm not leading on entitlements.) He tells us that "symbolic cuts" would do great damage to the economy. What?! I suppose if they aren't really symbolic, they might have some impact, but didn't we pretty much dispel the notion that heaps of government spending creates prosperity or jobs? (Answer: Obama is still sipping Kool Aid from the Keynesian punch bowl.) He says we aren't going to be "running up the credit card" but his own budget adds $7.2 trillion to the debt over 10 years. He says he wants to tackle tax reform, but his only suggestion on taxes in the budget was a $1.5 trillion tax hike.
In a follow-up, Ms. Rubin calls Obama's budget chicanery "deeply insincere." She's being polite.
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