Howard Gleckman does the math on Obama's deficit proposal and comes up short:

In a funny way, Obama and Ryan are in the same boat. They have staked out largely ideological positions while leaving the hot-button details for another time. As a result, neither plan holds up very well when you look too closely. If their tactics lead to an eventual deal, these gaps will be long-forgotten. If not, both initiatives will end up on the growing scrap pile of fiscal plans that never did quite add up.

And the key reason they don't is that it's impossible to raise the revenue he wants solely by ending the Bush tax cuts on those earning over $250,000. The fact that the middle classes will have to pay more in taxes and get less in benefits if we are to escape the debt trap is the truth the president is still trying to fudge.