He supports the Simpson/Bowles fiscal responsibility plan
"For example, he has proposed to balance the federal budget by 2025 by raising taxes across the board (including for middle-class workers) while cutting Social Security, Medicare and Medicaid.
If this sounds familiar to you, it’s because Bloomberg’s ideas are based on the recommendations of the National Commission on Fiscal Responsibility and Reform, a bipartisan committee put together by President Obama in 2010 with the mission of breaking Washington gridlock and balancing the federal budget. It became known as the Simpson/Bowles Committee, and it failed because setting up a blue-ribbon panel to accomplish something voters don’t want cannot work in a democracy. Simpson/Bowles polled quite poorly among voters, and the ideas flopped in Congress.
Bloomberg endorses all of the recommendations of Simpson/Bowles and has spent considerable time and money lobbying Congress to adopt such remedies since early 2011. The promise of the moderate is that they can deliver on some unspoken public will but this promise is fantasy. There simply is no groundswell of support for the economic ideas behind a Bloomberg candidacy."