Entitlement reform in exchange for closing tax loopholes?

[PoliticAverse]

From: http://news.yahoo.com/first-president-obama-gets-standing-225008708.html

Rep. Dave Camp of Michigan, the chairman of the tax-writing Ways and Means Committee, asked if Obama and Republicans agreed on some entitlement reforms (specifically, means-testing for Medicare and reducing annual cost-of-living increases for Social Security), why couldn't those things be done now? The president said he would agree to those reforms only if Republicans agreed to raise tax revenues by closing loopholes, because we have to ask "everybody to sacrifice."

[msongs]

1. closing tax loopholes is valuable on its own merits....doh nt