Has the former fiscal conservative surrendered to the "deficits don't matter" crowd? David Leonhardt has a must-read column:

As the conventional wisdom has it, neither senator has been serious about the long-term budget deficit; both have made rosy assumptions about the revenue that will come from cracking down on waste, fraud, abuse, overseas tax loopholes and other vague fiscal bogeymen.

All this is true enough. Mr. Obama, for instance, relies on hypothetical savings from electronic medical records to claim that he can reduce the deficit, and he hasn’t been totally clear about his tax plans. But the unknowns about the McCain agenda are simply on a different scale.

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