The powerpoint is here. Thanks to Greg Mankiw for the pointer.

Lots of tax reform (get rid of the mortgage interest deduction, the health care deduction), and no VAT. Cuts in Social Security benefits, but trying to maintain benefits for the elderly poor. On Medicare, more or less the kitchen sink. I think they endorse everyone’s ideas for cost control–left (threatening the public option), right (saying something positive about consumers sharing costs), and center.

On the whole, the proposals probably add up to something center-right. The left may complain loudly (Tyler Cowen has found some complainers already), but the only way that the complainers will get their way is by electing a new people.

This looks like President Obama’s golden opportunity to triangulate. My guess is that he will seize it. I hope he does. We could do worse.