I stuck a link to this in our post on the boss’s “This Week” appearance but it really deserves its own thread. After all, how many presidents in U.S. history have needed to start backtracking on one of their chief campaign promises within their first six months in office? Even Dubya didn’t reverse himself on nation-building until eight months in, and in that case his hand was forced by 9/11. What’s The One’s excuse? Oh, right: It’s Bush, of course, as you’ll hear Geithner “explain.”

I’ve always thought Obama and the Democrats would postpone tax hikes until after the midterms to minimize the electoral damage, but if they do that, they risk being swallowed up by voter anxiety about spiraling deficits. Either they take painful action to stop the fiscal bleeding and pay the price or they do nothing and let the deficits climb and pay the price. There’s no third option. Well, except cutting spending, but come on.