A second start for the White House:

[E]ven though this PR gimmick was planned for a while, if the White House were fully comfortable with how the stimulus package was playing -- and how well it was working, it would not be worth the President's time.  There is rising concern about deficits, both from the American people, who are naturally skeptical of them, and from Wall Street, which is pricing in the crowding out effect of dollars on investment.

That fiscal responsibility summit may need to be wheeled out before next year at the rate we're going. The silver lining? It might take a serious swoon in the bond markets to force Washington to get a handle on entitlements, corporate welfare, and defense.

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