President Barack Obama’s deficit strategy is a combination of audacity, hope and — in the eyes of Republicans — chutzpah. Obama, vilified by opponents for ducking the debt debate earlier this year, has seized the opportunity to portray himself as the champion of a $4 trillion “grand bargain” on tax and entitlement reform. This, after Speaker John Boehner (R-Ohio), who spent months pushing the president in that direction, pulled out of any attempt to “go big” over the weekend. “Obama wants $4 trillion in debt reduction, while GOP wants only $2-$3 trillion,” wrote veteran Democratic pollster Geoff Garin. “[It] seems...