Federal budget watchers can expect a spirited debate to unfold in the coming months. Coming from polar opposites on the budget equation, the spendthrifts and the thrift- minded, each side has its heels dug deeply into the trenches.
None is likely to retreat without a good fight.
Each camp has caught what I call surplus fever on the Potomac. The news captivated official Washington, casting a spell over the administration, Congress, and every special interest group, trade association, and lobbying organization within earshot of the Beltway. After 29 years of unbroken federal deficits, the federal government last year registered its first surplus since 1969. Now it seems Washington is set to embark on an era of surpluses. As a fiscal conservative, this is uncharted territory for me.