Break out the shovels

Remember that stimulus package we had to pass double-quick, Arlen Specter? Opinion Journal: "There's no evidence for the theory that state spending has shortened this or any other slowdown"

Even those who think government borrowing is a free lunch can't possibly believe the government has already done enough "stimulus spending" to explain the difference between depression and recovery.
CNNMoney recently calculated that the stimulus plan has spent just $120 billion—less than 1% of GDP—mostly on temporary tax cuts ($53 billion) and additional Medicaid, food stamps and unemployment benefits. Less than $1 billion has been spent on highway and energy projects. Commitments for the future are much larger, but households and firms can't spend commitments.

We're going to need some economic stimulus because soon we're going to need new tax revenues to pay for the stimulus.

Extra - Megan McArdle has good news/bad news on the budget. We're putting slightly less than expected on the national credit card.