Team Obama'12 can safely bet that in his speech, President Obama will urge the two parties not only to include cuts, but also job creation,stimulus and revenue increases that would help reduce the burden on middle class families and grow the economy over the long term. We don't need a program that just cuts spending; we need a program that helps grow jobs.
Challenge, of course, for the President is to get the Republican-controlled House to pass a bill that includes revenue increases and spending. But the Republican's approval ratings across the board are so bad, that they might agree with the President on some sort of mild compromise.
Today, while he was on his bus tour, Pres. Obama was asked by a reporter as to why he wouldn't call the Congress back to Washington. Pres. Obama responded by saying, "last thing you'd expect from them is to come back to Washington and keep doing what they have been doing for the past couple of months." Pres. Obama also said he expected the House members to listen the frustrations of their constituents, and keep that in mind when returning back to Washington from recess.
As of now, this might be the best formula President Obama needed to hit the ground running after Labor Day holiday, and onward in September.