Mr. Obama has an opportunity granted almost none of his predecessors. Because of the economic crisis, he is meeting an unusual array of promises almost immediately, including heavy investments in energy and other priorities.
But the unprecedented largess granted through the $825 billion economic-stimulus bill may bind his hands later. The growing deficit will make it difficult, if not impossible, to fulfill spending promises that total hundreds of billions of dollars. . .
This burst of spending so early in his presidency could also hobble Mr. Obama politically in the years to come as the country's soaring budget deficit demands cutbacks in social programs and even potential tax increases.
Friday, January 23, 2009
Laura Meckler and Neil King Jr. in the January 19th Wall Street Journal: