McCain Was Right on Fiscal Fundmentals!

Via Memeorandum, "On Spending and the Deficit, McCain Was Right":

Barack Obama used to get very upset about federal budget deficits. Denouncing an "orgy of spending and enormous deficits," he turned to John McCain during their presidential debates last fall and said, "We have had, over the last eight years, the biggest increases in deficit spending and national debt in our history … Now we have a half-trillion deficit annually…and Sen. McCain voted for four out of five of those George Bush budgets."

That was then. Now, President Obama is asking lawmakers to vote for a budget with a deficit three times the size of the one that so disturbed candidate Obama just a few months ago. And Obama foresees, for years to come, deficits that dwarf those he felt so passionately about way, way back in 2008.

Everywhere you go on Capitol Hill, you hear echoes of the last campaign's spending debate. So on Thursday morning, as the budget fight raged, I asked McCain about the president's seemingly forgotten concern about deficits. McCain doesn't like to rehash the campaign - "The one thing Americans don't like is a sore loser," he told me - but when I read him Obama's quote from the debate, he said, "Well, there are a number of statements that were made by then-candidate Obama which have not translated into his policies."

That's an understatement. The deficit issue could be one of the most, if not the most, consequential of Obama's unkept campaign promises. Just how consequential was made clear last week in a little-noticed conference call featuring Budget Director Peter Orszag. Orszag was trying to explain to reporters how the Obama administration calculated its rather rosy forecasts for economic growth. Near the end of the call, he was asked whether deficits along the lines of those predicted by the Congressional Budget Office are sustainable."

There's more at the link.

Cartoon Hat Tip: Political Pistachio.