While we await his State of the Union speech and the Bush budget for FY2008, the media focus remains fixed, oddly, on the President's pledge last week that, despite his profligate past, he will balance the federal budget by 2012.
As we and others have suggested, this pledge shouldn't be taken seriously.
A Washington Post article today on the topic asserts that "the politically perilous work of making that happen -- cutting spending or raising taxes -- falls to the Democratic-run Congress."