Via Mark Thoma at Economists View:
… If [President Obama] can get them to take him up on his repeated offer to cut even more and especially the vital social security programs (when they actually need to be raised), he will have fulfilled his Grand Bargain agenda. He certainly seems prepared to grant that deficit reduction remains extremely important and bringing it down is one of his proudest a accomplishments. He can’t wait to do more of it.
At this point, the excessive deficit reduction over the past three years cannot be blamed on GOP opposition alone. It’s quite unfortunate that our President and his economic and political advisers have pursued such a self-destructive economic policy –especially considering that Obama gained very little political benefit from the excessive deficit reduction.