If they (Republicans) can get their act together and come up with something that is halfway respectable, and if the public begins to lose patience by Election Day, Democrats could have some real problems. ... And those problems, of course, could possibly extend through 2012.Granted, Republicans getting their 'act together' with 'halfway respectable' ideas is asking a lot these days. But David Ignatius spells out why deficits should be an issue for everyone:
Financial markets are always in oscillation, to be sure, anticipating the next crisis even as they are recovering from the last one. But we appear to be approaching one of those inflection points where policies that were essential in one phase of the cycle become dangerous in the next.Obama can easily defend his first-year fiscal policies. He was facing a first-class emergency. But the deficits afterward are all his if he doesn't act on them.