I think it’s funny that Obama quoted Reagan in regards to the need for “a balanced approach” to solving a budgetary crisis. What we should not forget about the Reagan situation is that the Democrat-controlled congress promised Reagan two dollars in spending cuts for each dollar of tax increase.
Well, taxes were raised but spending was not cut. It wasn’t cut at all, much less at a 2:1 ratio.
Now the sticking point is that Democrats won’t allow any “teeth” in the proposals. Democrats want us to accept promises of forthcoming cuts with no mechanism to ensure that cuts are made.
As far as I’m concerned, Democrats still owe us the cuts promised to Reagan.