It's a good concept; I personally doubt Obama has the stones for it. He has not, to my lasting regret, shown himself to be a man of principle where fiscal issues are concerned (or many others, at least not if principle stood between him and something else he wanted politically, like re-election). In a less intransigent era he'd be an excellent president; in the current era he's a good president, and has the potential to be excellent, but to do that he needs to grow a lot more backbone, and a willingness to face down the Congress when it counts. Like, you know, now.

(Read the first post a few minutes ago, but responded here since this is more recent)