The president's tax math doesn't add up

President Obama recently announced a “deficit reduction plan” that includes both a massive tax increase and a massive increase in federal spending. Insisting that the only way to close the deficit gap is for wealthy Americans to pay their “fair share,” the president anticipated the inevitable charges of political demagoguery by asserting that “this is not class warfare. It’s math.”

Well, let’s take a look at the president’s math. He asserts that his plan will save $4.4 trillion over the next 10 years — but many of the purported spending cuts were already baked into the budget cake.