A decent analysis of the federal deficit

Contributing Columnist - One Nation, Two Deficits - Op-Ed - NYTimes.com: "Let’s look at the facts. The projected deficit for 2015 is 4 percent to 5 percent of G.D.P., depending on whose assumptions you use. A sustainable level is more like 3 percent or lower. So we need deficit reduction of 1 percent to 2 percent of G.D.P., or about $200 billion to $400 billion a year by 2015. These figures are uncertain, but they’re the best we have (and they may well turn out to be too optimistic)."

I think it's a dumb idea to be so deficit-crazy when our economy is in shambles, but this is a pretty objective analysis of the situation. You'll note that he's not suggesting we can balance the budget and keep the Bush tax cuts permanent. He's also not suggesting that we can't raise taxes (although there's obviously no political courage for that, either).