It appears to me that President Obama may have pulled a fast one. (And I am being kind with that characterization.) I certainly liked what I heard about a "fair and balanced" approach. About raising taxes on the top bracket. About reforming the tax code to reclaim revenues lost. But then I heard support for the Harry Reid proposal and the record skipped. Not that I have seen it, but my understanding from a number of sources is that there are no new revenues in that plan. It is, more or less, a plan to raise the debt ceiling and make some cuts that were proposed by Republicans. A clever ploy to reveal the Republicans for what they are, but not a "fair and balanced" plan. (Maybe in the Fox sense.) Certainly, not the one promised tonight that makes the millionaires and billionaires pay their fair share.
I truly want to believe that our leader has not abandoned the middle class in search of re-election. My disappointment in his performance is well documented. But lying to your base to avoid losing them is worse than just not keeping a promise. "I just haven't been effective" is much easier to swallow than, "I think I can fool them again." Lack of demonstrable leadership and accomplishment is something that can be learned from and even corrected in the second term. "I'm not going to support my base, but I can still make them think that I do" is fraud and really not worthy of another term.
If there is not a new revenue stream, then this is not a compromise it is capitulation. It is not even a plan. It is simply an appeasement that again buys an outcome on the backs of the middle class. That is not philosophically different than what is proposed by Republicans.
I have heard several talking heads refer to this as an historic speech. If there is no new revenue stream, it will go down as a lie as historic as "Read my lips, no new taxes." And it should sink his campaign in the same fashion.