The Washington Post has a story tonight, citing Democratic sources familiar with Obama’s views, that the President will propose a massive $4 trillion spending cut over the next decade that includes significant cuts in Social Security and Medicare.

President Obama is pressing congressional leaders to consider a far-reaching debt-reduction plan that would force Democrats to accept major changes to Social Security and Medicare in exchange for Republican support for fresh tax revenue.

At a meeting with top House and Senate leaders set for Thursday morning, Obama plans to argue that a rare consensus has emerged about the size and scope of the nation’s budget problems and that policymakers should seize the moment to take dramatic action.

As part of his pitch, Obama is proposing significant reductions in Medicare spending and for the first time is offering to tackle the rising cost of Social Security, according to people in both parties with knowledge of the proposal. . . .

It seems our President wants a grandiose bargain in which he plays Ronald Reagan and John Boehner plays Tiip O’Neill. And our President has entered some seriously deluded region in which he and those around him think the country will thank him for seizing this great opportunity to do what the Washington Post editorializes as “a major legislative achievement.”