Obama has a plan and he will implement it when the economy is not in danger of falling back into recession thanks to draconian cuts.
This actually means his plan is to do nothing for 4 more years....at which point the next recession will be upon us or close to it based on the typical length of the US business cycle.
Except recent business cycles have been based on the credit cycle, which is only now beginning to turn around. Corporations are sitting on trillions of cash, will they will continue to invest as returns are quite high. Since the credit cycle has been particularly long, the natural business cycle will be, too. If the economy falls into a recession, it will most likely be due to some external shock such as the Euro crisis, a Middle East war, or something like that. It will not be due to natural business cycle conditions in the US.
As for Obama's plan, I would assume it's what he was willing to agree to in July 2011, before Boehner pulled the rug out from under him (or rather, before Boehner got the rug pulled out from under him by his own caucus).
That's a possibility. Unfortunately, the current growth rate of the economy is far too low to provide with the massive revenue spikes that team Obama seems to be forecasting. He of course forecast that same massive revenue spike back in 2010 that never happened.
Without that revenue spike, there will undoubtedly be more borrowing. Doubly so if we behave like Clinton1996 and use another 'short term' stimulus. Perhaps that $2.8 trillion of debt is understated.
The nice thing for these people I guess is that they can then leave office, and the 2017 Democratic Party can continue screeching about 'draconian' spending cuts.
