President Obama does not appear to have made a final decision on Social Security.
However...
He has (reportedly) decided that he will NOT take Social Security cuts, cuts recommended by his commission that run contrary to his campaign promises, off the table:
[...]
Administration officials said Obama is unlikely to specifically endorse any of the deficit commission's recommendations in the speech, but cautioned that he is unlikely to rule them off the table, either. On Social Security, for example, he is likely to urge lawmakers to work together to make the program solvent, without going into details, according to congressional sources.
[...]
It looks like a line in shifting quicksand on Social Security, with no clear endorsement nor rejection of his commission's recommendations.
Obama spoke to Democratic lawmakers over the weekend on his plans to emphasize deficit reduction.
But he will reportedly stop short of calling for cuts to Social Security.
Over the weekend, the White House informed Democratic lawmakers and advocates for seniors that Obama will emphasize the need to reduce record deficits in the speech, but that he will not call for reducing spending on Social Security - the single largest federal program - as part of that effort.
Liberals have been applying pressure on a President who is "agnostic" about cuts to Social Security.
Feb. 11 (Bloomberg) -- President Barack Obama said he is "agnostic" about raising taxes on households making less than $250,000 as part of a broad effort to rein in the budget deficit.
Obama, in a Feb. 9 Oval Office interview, said that a presidential commission on the budget needs to consider all options for reducing the deficit, including tax increases and cuts in spending on entitlement programs such as Social Security and Medicare.
"The whole point of it is to make sure that all ideas are on the table," the president said in the interview with Bloomberg BusinessWeek, which will appear on newsstands Friday.
So, it looks like the pressure may be starting to pay off.
Time will tell.
Democrats are using the announcement as an impetus to focus on Rep. Paul Ryan (New Deal Hater-Wisc):
Democratic lawmakers, nonetheless, quickly moved to capitalize on the president's decision, scheduling an afternoon news conference to call attention to the man Republicans have chosen to deliver the GOP response to Obama's speech: Rep. Paul Ryan (R-Wisc.), chairman of the House Budget Committee.