The president has already proposed — and had to drop — a plan to tax college savings accounts. He’s writing for The Huffington Post. He declared war on “mindless austerity” while pledging fresh tax hikes on banks and the rich to pay for free community college and other goodies. Remember those budget caps put in place in 2011? Obama wants to blast right through them.

It’s a progressive’s dream version of Obama, untethered from earlier centrist leanings and flirtations with “grand bargains” with Republicans on entitlement reform. But the approach also carries significant risks, analysts and some Democrats say…

“I think it’s great,” said Mike Konczal of the progressive Roosevelt Institute. “It doesn’t feel like this budget is trying to set up negotiations with Republicans like he’s done in the past, and it takes the focus off the deficit as the biggest problem.”