Tea Party's First Victory ... Obama (left) opposes spending cuts right up to the time he calls them historic. This is getting to be a habit. President Obama ferociously resists tax cuts, trade agreements and spending cuts—right up to the moment he strikes a deal with Republicans and hails the tax cuts, trade agreements and spending cuts as his idea. What a difference an election makes. This is the larger political meaning of Friday's last minute budget deal for fiscal 2011 that averted a government shutdown. Mr. Obama has now agreed to a pair of tax cut and spending deals that repudiate his core economic philosophy and his agenda of the last two years—and has then hailed both as great achievements. Republicans in Washington have reversed the nation's fiscal debate and are slowly repairing the harm done since the Nancy Pelosi Congress began to set the direction of government in 2007. – Wall Street Journal
Dominant Social Theme: Wow that was really good. Cutting US$38 billion from total obligations of some US$200 trillion was a big first step – even if a lot of the cutting is turning out to be "smoke and mirrors."