Here's my "Fiscal Fitness" column published today in Roll Call.

As the Election Nears,
A Second Stimulus Is Less Than Certain

July 22, 2008
By Stan Collender
Roll Call Contributing Writer

We’ve been hearing about the possibility of a second economic stimulus bill since the first one was enacted in February. Much of that original talk was to reassure those who didn’t get their preferred provisions in that quickly adopted bill that they would get another chance later in the year.

Given the still-growing concern about the economy and the perceived limited positive impact of the first stimulus, it’s hardly a surprise that talk about a second is picking up again. With daily headlines about some real or perceived economic malady, still falling consumer confidence, proposed help for big financial institutions and an election that is only 15 weeks away, it would be far more surprising if an additional economic legislative effort for individuals wasn’t being discussed on Capitol Hill.

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.

It looks like House Banking Committee Chairman Barney Frank (D-MA) and House Education and Labor Committee Chairman George Miller (D-CA) are going to be the designated leaders for a stimulus bill in the House.  Sen. Chris Dodd (D-CT) may play the same role in the Senate.

Note who has not been designated: House Budget Committee Chairman John Spratt (D-SC) and Senate Budget Committee Chairman Kent Conrad (D-ND).

At least for now, Brad DeLong agrees with Alex Tabarrok that a fiscal stimulus package is not the right way to go.

Then again, neither Brad nor Alex are running for reelection.