“In the short term, Democrats and Republicans now agree we’ve got to reduce the debt by about $4 trillion over the next 10 years. And I know that sounds like a lot of money — it is. But it’s doable if we do it in a balanced way.”

1. It reduces deficit spending, not debt reduction. Huge difference.
2. Obama proposed a 12-year plan, not a 10-year-plan.
3. His plan adds $7 trillion to the national debt.

Ed Morrissey has more.