President Obama doesn't give many interviews these days outside Comedy Central, so it caused a stir Wednesday when editors at the Des Moines Register managed to pin him down and even elicit some news. Specifically, Mr. Obama said he wants to pursue immigration reform in a second term, as well as a budget "grand bargain" with Republicans that includes tax reform.

This will come as a surprise to voters reading the President's just-released 20-page brochure on his second-term agenda, which makes little...