The awful pain of austerity

Now that the debt ceiling debate is over, and the Tea Party has done its worst (or best, depending on your political orientation), what does that portend for Federal spending? Gasp! It will only go up a little bit. (The Wall Street Journal has an editorial.) So much for the president's new dedication to spending restraint. Mr. Obama, in his first term, will have spent a bit more than fourteen trillion dollars. Blue skies! -- Dan Ford