The NYT Says That a Steep Recession Is No Excuse for Deficits

Those familiar with economics know that government deficits can help sustain demand in a downturn, keeping GDP from falling and unemployment from rising as much as would otherwise be the case. This could mean that it would be desirable to have large deficits in response to a steep downturn like the one we have seen following the collapse of the housing bubble.

But the NYT doesn't buy it. A news story on President Obama's 2013 budget told readers:

"The one charge the White House has no...