It's that guy again, Obama. According to some who actually listened to this speech, he "acts liberal" about halfway through, for a few minutes. Yay! But what did he actually mean?

The businesspeople at Bloomberg say:

President Barack Obama vowed to cut $4 trillion in cumulative deficits within 12 years through a combination spending cuts and tax increases, setting the stage for a fight with congressional Republicans over the nation’s priorities.

The polite leftists at Salon say:

Here we go again. A few days after he agreed to a compromise with Republican leaders to keep the government open -- and just as he's about to deliver a major speech on his long-term deficit reduction priorities -- President Obama is being confronted with warnings that he's at risk of losing his left-of-center political base.

And we say, "Oh just quit talking, Obama." The end.

(Here's the text of the speech, from ABC News.)