CHANGE: Obama sets end-of-July goal for bipartisan agreement on deficit. “President Obama wants to complete a grand bargain to reduce the deficit by the end of July, an aggressive timeline coinciding with the expiration of the nation’s debt limit.”

I’d like to see 5% year-on-year across the board cuts. Failing that, a real hard-freeze on spending — no more dollars next year than last — would be good. My guess is we’ll see something much, much weaker than that. But I’d love to be wrong.