Obama, by contrast, has been far more straightforward about what he would do about the deficit: He wants a budget deal that includes both spending cuts and tax increases. He has put forward rather detailed deficit-reduction proposals. The centerpiece is a plan that, when combined with cuts made in 2011, would reduce the deficit by $3.8 trillion over a decade, according to the Center on Budget and Policy Priorities. Obama keeps insisting (rightly) that no deal can work without new revenue, and he is upfront that he’d begin by raising taxes on Americans earning over $250,000 a year.

Some deficit hawks argue that Obama’s tax increases are not broad enough. Others are looking for steeper Medicare and Social Security cuts than Obama is willing to endorse. Many progressives, in turn, want fewer cuts and favor additional tax increases on the very wealthy. Before signing off on deeper program reductions, progressives should consider the efforts of Rep. Jan Schakowsky, D-Ill., to counter all the proposals to cut tax rates. She has suggested five new, higher rates on incomes ranging from $1 million to $1 billion or more a year. The capital gains tax also needs to rise. Low levies on capital gains, the reason Romney paid so little tax on his $20.9 million income, raise problems for both fiscal balance and equity…

The president has also been clear that he wants to take on immigration reform. The question always asked is: Why should we think he’ll do it in a second term when he didn’t do it in the first? The answer is that if Obama is reelected, it will be in no small part because he overwhelms Romney among Latino voters who have stoutly rejected the Republican’s “self-deportation” ideas. It’s possible that Republicans will cooperate on immigration reform simply because they don’t want to keep losing elections by getting clobbered in Latino precincts. And Obama will know that he has an electoral debt to pay.