Pardon me for not leaping to my feet to cheer, but if new reports are to be believed, I’ll offer a qualified golf clap to certain elements of President Obama’s impending budget blueprint. When we finally see the proposal next Wednesday — nine weeks late — we’ll have a better sense of what it does, and does not propose, but this is intriguing:

In a significant shift in fiscal strategy, Mr. Obama on Wednesday will send a budget plan to Capitol Hill that departs from the usual presidential wish list that Republicans typically declare dead on arrival. Instead it will embody the final compromise offer that he made to Speaker John A. Boehner late last year, before Mr. Boehner abandoned negotiations in opposition to the president’s demand for higher taxes from wealthy individuals and some corporations. Congressional Republicans have dug in against any new tax revenues after higher taxes for the affluent were approved at the start of the year…Besides the tax increases that most Republicans continue to oppose, Mr. Obama’s budget will propose a new inflation formula that would have the effect of reducing cost-of-living payments for Social Security benefits, though with financial protections for low-income and very old beneficiaries, administration officials said.