Some parallels? Money quote:
OK. Take a breath. The U.S. economy is not Iraq, and today's headlines are upbeat: The economy's vigor is producing tax revenue that is keeping today's deficits in check, and the unabated willingness of foreigners to lend to the U.S. is keeping interest rates down.
But look ahead, and there is an unwelcome parallel between Iraq and the budget. Current policy is unsustainable, but there is no easy way out. Extend the president's tax cuts beyond their scheduled expiration in 2009 and 2010, and the fiscal hole is enormous. Let them expire, and the tax increases could derail the economy.