It was only a month ago that President Bush successfuly demanded that congressional Democrats back down from their attempt to increase domestic spending by $22 billion in fiscal 2008.
Foru weeks later, that same president not only agreed to a plan that would increase the deficit by between $100 billion and $150 billion in fiscal 2008, he played a major role in drafting it.
Dean Baker had an interesting post yesterday in his blog about how best to determine whether earmarks have grown. It's Dean Baker in the best Dean Baker tradition, that is, insisting that numbers be put in context.
Chuck Conconi, a former columnist at The Washington Post and a colleague at Qorvis Communications, gets the credit for asking this question.
As we all watched the markets' deep drop and wild gyrations yesterday he wondered allowed if anyone in Washington will dare suggest again anytime soon that Social Security be changed so that, instead of paying into the trust fund, people have the option of putting the money into stocks.
It's a good question with a very obvious answer.
The Associated Press is reporting this morning what everyone already knows: the Congressional Budget Office will project that the deficit will increase from fiscal 2007 to 2008. Including the not-yet-but-absolutely-certain-to-be-proposed-and enacted supplemental appropriations for Iraq and Afghanistan, the 2008 deficit will reach about $250 billion, a $90 billion or so increase from the $162 billion deficit in 2007.