And so it begins, the opening counter in the great budget battle:

Obama to offer $3.7 trillion budget blueprint

Ultimately, the leaders are going to have to try and sell the American people the truth - though I expect them to put it off to the very, very end.

And what is the “truth”? In this case, that that Reagan voodoo type of economics is doo-doo.

Taxes will have to be levied, and disproportionately so on the upper quartile of incomes.