When the president repeats his mantra "cut the deficit in half by 2009", one could reasonably assume that the downward trend in deficits would continue past 2009 - as if "half in 2009" was a milestone of sorts. But, au contraire! The "half in 2009" is not a just a milestone but a turning point - the point where deficits start growing again. It’s right there in black and white in the president’s FY2007 budget, but it’s starkly absent in his speech. From page 223 in the Analytical Perspectives document of the President's FY 2007 Budget: (click on image for expanded view)

As the spender-in-chief pats himself on the back for managing to shirk the deficit to the fourth largest in U.S. history (via ThinkProgress), let’s take a look at a few things: 1. The surge in tax receipts is the result of a growing economy. Economic expansion is not dependent on tax rates. In fact, President Clinton raised taxes and the economy grew at what most would call a "good" pace. If marginal tax rates are 1% or 99%, an expanding economy will result in increased revenues.

Senate Minority Leader Harry Reid (D-NV) said yesterday that he would block any pay raise for the Senate until the federal minimum wage is raised. CNN: In arguing for the minimum-wage increase, Democrats are emphasizing that salaries for members of Congress have risen $31,600 during the time the minimum wage has been frozen. They complain that rising costs for gasoline, utilities, education and food have taken a chunk out of minimum-wage paychecks, which sometimes have to support entire families.