A Crisis Trumps Constraint

WASHINGTON — As the ranking Democrat and then chairman of the House Budget Committee, Representative John M. Spratt Jr. of South Carolina accused President Bush for eight years of recklessly running up huge fiscal deficits.

But by noon on Wednesday, after listening for two hours as economists explained why it was crucial to run a large deficit — one that would triple the previous record and vault far above $1 trillion — Mr. Spratt looked shell-shocked.

Lingering in his chair as the cavernous hearing room emptied, he stared into the distance and gave vent to his concerns.

“The thing I wanted to ask,” he said, “was if there was some limit which we should be wary of? Is there some limit in terms of how much borrowing and debt creation we should take on?”

http://www.nytimes.com/2009/01/08/business/economy/08fiscal.html?th&emc=th