What does it mean? For an answer, we have to get help from the #ObamaTranslator:

That sounds about right. After all, the fiscal cliff deal he signed two weeks ago raised taxes by only $41 for every $1 in spending cuts. Clearly, a “balanced approach” requires a much heavier reliance on tax increases.

Note also President Obama’s talk about “finishing” the job of deficit reduction as if he has been hard at work cutting the deficit for the last four years and just needs to tie up some loose ends.

Will Obama propose any spending cuts at all?

Don’t get your hopes up.