In December, a re-elected Obama would face three immediate challenges: the Bush tax cuts expire; there will be another debt-ceiling fight; mandatory spending cuts kick in. In addition, there will be an immediate need to cut federal deficits. During the recession, the government could borrow gigantic amounts without pushing up interest rates because there was so little private borrowing. But as the economy recovers and demand for private borrowing increases, then huge public deficits on top of that will push up interest rates, crowd out private investment and smother the recovery…

Leading the country through this will require the intelligence, balance and craftiness that Obama has demonstrated. But it will also require indomitable inner conviction and an aggressive drive to push change. It will require a fearless champion who will fight all the interests that love the tax code the way it is. It will require a fervent crusader to rally the country behind shared sacrifice. It will take an impervious leader willing to spread spending cuts everywhere and offend everybody all at once. There will have to be a clearly defined vision of what government will look like at the end.

Obama has talked vaguely about tax reform. He has acknowledged the need for entitlement reform and major deficit reduction. But he has never thrown himself All In.