This is imo a great (& short) read
"...The assumption that we are about to have a rerun of 1993 — when Bill Clinton, newly installed as president, was forced to jettison much of his agenda because of a surging budget deficit — may well be mistaken.
... Then, the federal deficit was running at roughly $300 billion a year, or about 5 percent of gross domestic product, way too high for comfort. By contrast, the deficit for the 2009 fiscal year is now projected to be $482 billion, or about 3.3 percent of gross domestic product.
...the $700 billion bailout is less like an additional government expense than a temporary loan or investment
...Another difference is that in 1993, the nation was emerging from a recession....
Next year, however, is likely to be quite different. All economic indicators are now pointing toward a deepening recession.
...Under these circumstances, deficit spending is not unwelcome.
...Then, some of our highways, bridges, ports, levees and public transit systems needed repair. Today, they are crumbling
...Let’s not compound the problem by needlessly letting the bailout prevent the government from spending what it must to lift the prospects of Main Street."