Democrats win, deficit spending back in good graces.
Krugman quoted here. Unfortunately, original column is pay per view.
The answer, I now think, is to spend the money - while taking great care to ensure that it is spent well, not squandered - and let the deficit be. By spending money well, Democrats can both improve Americans' lives and, more broadly, offer a demonstration of the benefits of good government. Deficit reduction, on the other hand, might just end up playing into the hands of the next irresponsible president.
In the long run, something will have to be done about the deficit. But given the state of our politics, now is not the time.
The Democrats have the keys to the pig barn now, and they are going to have some fun with it.
The word "sucker" is going to come up quite often here, directed at those who thought Democrats meant what they said to get elected.