Here’s where our newly “fiscally conservative” president has gotten us

(The Wall Street Journal) - Meet President Obama 2.0. Unlike the 2009 version, this 2010 update isn't the spender who has sent the federal deficit to levels unseen since World War II. This new fellow is a fiscal conservative, and Americans will see this major new talent perform tonight as he delivers his State of the Union address.

Whether or not Americans choose to believe him, there's no denying the fiscal reality created by the rollout version of President Obama last year, as detailed in the Congressional Budget Office report released yesterday. For the second year in a row, fiscal 2010 will see a trillion-dollar deficit—an estimated $1.35 trillion, or 9.2% of GDP, which is down slightly from last year's post-World War II record of 9.9%.