Deficit reduction is supposedly a huge priority in Washington, especially among Republicans who apparently skipped economics classes in college and don't understand that reducing spending -- and demand -- is the last thing you want to do in a weak economy.
But here's a question: Given all the focus on deficits, including by the media, wouldn't you think that it would be big news if the CBO revised its budget deficit projection for the next decade upward by $4.6 trillion?