President Obama’s initial offer [...] consisted of “at least $4 of tax increases to $1 of spending cuts.”
Non-starter. So what's his Plan B?
...He is now offering a new threshold of $400,000 and lowering his 10-year tax revenue goals from the $1.6 trillion he had argued for a few weeks ago.--quoting USAToday
But that's not the whole story:
...he is now asking for a new debt limit that would last two years, putting its renewal beyond the politics of a 2014 midterm election...
That timing is just co-incidence, of course.
His spending is larger than that of FDR during WWII in constant dollars. If he actually has a plan, then there's only one conclusion to be drawn: he wants to BK the country.
That creates a crisis, and as they say, 'never let a crisis go to waste.'