"President Obama today fell extremely short on his plan to tackle the nation’s ever-growing budget deficits. While he deserves some credit for abandoning his reckless 2012 budget just two months after it was proposed, his new promise to cut the by $4 trillion relies heavily on economically disastrous tax hikes and falls flat in the specifics.

“President Obama continues to offer no credible plan to reform the big three entitlement programs of Social Security, Medicare, and Medicaid that promise to bankrupt our country in the coming years.

“The President’s proposed cuts both to non-defense discretionary spending defense spending, amounting to $770 billion and $400 billion over the next 12 years. Cutting less than 10 percent of the federal discretionary spending budget over 12 years hardly makes up for the explosive growth we’ve seen in discretionary spending over the last 12 years, which has doubled since 1999.

“Furthermore, the President’s claimed health care savings rely on the same failed assumptions and questionable math that were already exposed during the debate on Obamacare, assumptions which even the non-partisan Congressional Budget Office admitted were dubious at best. The President promised to squeeze nearly $500 billion of additional savings from Medicare and Medicaid, but offered no serious structural reforms of these broken programs, other than empowering the Independent Payment Advisory Board to ration care even more aggressively.

“Until he releases more details that show a credible plan to reduce spending and reform the skyrocketing costs of health care and entitlements starting now, the goal of reducing the deficit by $4 trillion in 12 years just isn’t meaningful or realistic. This will go down as another failure in a long line of broken big-government promises, and will be discarded as quickly as his now-defunct 2012 budget was.”