Both the New York Times and the Washington Post ran lead editorials this morning denouncing the attempt of Sens. Blanche Lincoln (D-AR) and Jon Kyl (R-AZ) to give yet another tax cut to the children of the very richest Americans. Both editorials are spot on and raise excellent points about why Sens. Lincoln and Kyl seem to be both out of touch and out of their minds. In fact, both editorials express far more outrage and disdain for this proposed tax cut than I've ever seen before in any newspaper. (Read the Times and Post editorials.)

An IRS press release brings us some good news this morning.

"It's almost a lost economic decade." -- Mark Zandi, co-founder of and chief economist at Moody's Economy.com

The Congressional Budget Office released its annual report on the ten-year budget and economic outlook. In 2009, CBO projects that the federal budget deficit will be $1.2 trillion. At 8.3 percent of GDP, that number would "shatter the previous post-World War II record high of 6.0 percent" And, that doesn't include a economic rescue package that will likely be well over $700 billion.