Budget-watchdog groups such as the Concord Coalition, a bipartisan group dedicated to slashing the deficit, criticized Obama’s stance.

“Obviously this is intended to be a campaign talking point to highlight the differences between the two candidates,” said Robert Bixby, the organization’s executive directly.

“It’s certainly not the deficit fix that is needed,” Bixby said. “There is nothing new about this proposal. It’s kind of frustrating that we keep going over the same ground on these things without addressing the issues.”

Most economists believe that a mix of tax hikes and spending cuts are needed to cut the debt significantly. A special commission Obama appointed soon after taking office in January 2009 recommended such an approach, but the president and congressional leaders from both parties largely ignored the panel’s advice.