Some economists believe President Barack Obama's proposals don't go far enough, and are vague at this point. Here's what some are saying today:

"I would think that any bond investor who watched President Obama's State of the Union address last evening would have been disappointed. One likely came away thinking that the speech set a low bar on deficit reduction targets, and deflected much of the attention away from deficits by going back to the future in attempting to find a common cause against which to rally national economic pride after the dent it has taken in recent years ... That debate will have to become more focused on a credible long-run deficit reduction plan with some meat to it, and less focused on pie-in-the-sky ambitions." Derek Holt, economist, Scotia Capital

"What really matters from our point of view is whether this is a credible basis for fiscal consolidation, and one that can find agreement from both sides of the U.S. political spectrum. Considering that we are essentially in an election cycle, it is much more likely that the president’s opponents seize upon the proposals as too little or incorrectly targeted. It wouldn’t make political sense for opponents to support a proposal and allow the President to score points moving into an election, meaning that whatever chance the US. .has at legitimate fiscal consolidation will have to wait until the next government (whatever its political leaning) is in place." Sacha Tihanyi, currency strategist, Scotia Capital

"Plans for a $400-billion deficit reduction over 10 years was seen as soft in the context of the size of the deficit. Meantime, there was some disappointment for [U.S. dollar] bulls that Obama offered nothing concrete in regards a corporate tax holiday, asking only that the Democrats and Republicans simplify the system and use the savings to lower the corporate tax rate." Sue Trinh, senior currency strategist, Royal Bank of Canada

“The bond vigilantes have not yet woken up in the U.S. in the way they have in the euro zone. Unless the U.S. addresses this fiscal problem, we’re going to see a train wreck.” Nouriel Roubini, co-founder and chairman of Roubini Global Economics, to Bloomberg Television