Good grief. The entire sequester would have reduced last year’s deficit from $1.33 trillion to $1.24 trillion. A fraction of a fraction. Nonetheless, insists Obama, such a cut is intolerable. It has to be “balanced” — i.e., largely replaced — by yet more taxes.

Which demonstrates that, for Obama, this is not about deficit reduction, which interests him not at all. The purpose is purely political: to complete his Election Day victory by breaking the Republican opposition.

At the fiscal cliff, Obama broke — and split — the Republicans on taxes. With the sequester, he intends to break them on spending. Make the cuts as painful as possible, and watch the Republicans come crawling for a “balanced” (i.e., tax-hiking) deal.

In the past two years, House Republicans stopped cold Obama’s left-liberal agenda. Break them now, and the road is open to resume enactment of the expansive, entitlement-state liberalism that Obama proclaimed in his second inaugural address.

But he cannot win if “nothing bad really happens.” Indeed, he’d look both foolish and cynical for having cried wolf.