Impeccable timing, Geof.
The missing piece being that Georgie Boy's $482 billion deficit says nothing of the additional $700 billion mortgage bailout being proposed. Technically, that will be more than we've spent in 5 years in the Iraq War.
Now I'm not letting Democrats off the hook on this one either. The president isn't the only one responsible for fiscal policy, and there's enough mud to sling against Republican opponents to keep us busy a while with this. But seriously -- in any other context, this would be gross negligence for anyone one watch. Particularly for the party who gets voted into office saying that they're the watchdogs keeping those spend-crazy Democrats in check, and they're binging and purging worst of all.