Theoretically, it is. Though how anyone could accomplish this feat without raising taxes across the board is difficult at best.
When you're looking at this question, try thinking about public schooling. Jefferson was instrumental in making sure that every American had the opportunity for an education, but what if he hadn't? What if that was what Obama was suggesting?
The wealthier classes that had always sent their children to the best of schools would be crying foul at the concept of raising taxes in order to sponsor some poor child's education.
Back to the point; he can pull this off if he can get a lot of the money he promised by raising taxes only on the top 5% of Americans, stopping government "soft money" from going to corporations who outsource labor to countries like China, India, etc., and going after companies who hide their assets in foreign accounts in order to avoid fair taxation.