“It’s a matter of math”, but what kind of math

In an article posted by Bloomberg here: http://www.bloomberg.com/news/2012-12-04/obama-says-republican-fiscal-cliff-offer-doesn-t-go-far-enough.html, President Obama stated: “it’s a matter of him being partisan” and “It’s a matter of math”.
And here are some other items that were mentioned:

  • Well, according to the article it states “Obama‚Äôs budget plan includes more than $750 billion in revenue that could be generated from top earners by curbing tax deductions and credits.”.
  • And also “Obama also made it clear in the interview that he wants an increase in the U.S. debt limit as part of any compromise in the coming weeks.”

Now, if the first bullet point is true, then why is the second bullet point true?
Well, aside from the fact that the current budget is following an overspending plan by $1.2T/yr. Well, if his plan covers more than the first 5/8 of the overspending, isn’t it simply a matter of finding the other 3/8?

I sincerely hope that President Obama doesn’t want to increase the debt ceiling any more than $1T forever. In addition to that, it would be much better if the legislators would be directed to set up appropriate budgets that will pay down the national debt over a period of the next 50 years.

So, what does everybody else think? Is this possible, or is it even necessary?

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