According to the Committee for a Responsible Federal Budget, Obama set the target for deficit reduction far too low failing to mention the $4 trillion economists were calling for after the Simpson-Bowles report is now more like $6.7 trillion today. "By that measure, our debt problems will be far from solved".Republicans have a habit of dismissing the $1.5 trillion in spending cuts that President Obama has signed into law, while bringing up the $600 billion of revenue he signed constantly, as highlighted in this video. In fact, House Budget Committee Chairman Paul Ryan (R-WI) explicitly said that spending cuts adopted by the last Congress shouldn’t be taken into account when discussing how to reduce the deficit, but revenue increases adopted by that same Congress should.
And at the end of the day, all of the deficit reduction talk ignores the fact that the problem with government spending at the moment is that it is too low, not too high.
Keep in mind it was the president who first proposed the sequester and insisted it become law.
The Republican Senate leader expressed his opposition saying, "the American people will not support more tax hikes in place of the meaningful spending reductions both parties already agreed to and the president signed into law."
That says it all.