Finally, and here's to hoping it stays this way -- Currently in Vogue: Ringing the Deficit Alarm

From The New York Times:

Deficits finally matter.

After years of citing national security, social necessity and economic crisis as sufficient justification to pass costly legislation without paying for it, members of Congress are getting cold feet about continually adding to the national vat of red ink.

[L]awmakers say they appear to have reached a turning point when it comes to routine deficit spending. The new attitude could reshape the way Congress does its fiscal business the rest of this year and into the future, and potentially constrain President Obama and Democrats as they pursue their agenda.

Democrats are already ducking demands that they produce a budget for 2011, well aware that it would be very difficult to balance the conflicting interests of liberal lawmakers pushing for more spending and the centrists and fiscal conservatives who want cuts.

The reasons for the new deficit sensibilities are both substantive and politically driven. A growing number of House and Senate members see both the annual deficits and the accumulated federal debt — hovering now at the $13 trillion threshold — as time bombs for future generations, the unexploded remnants of a lavish spending spree engaged in by both parties over the past decade.

At the same time, Republicans have stirred up their core voters and made inroads with independents by accusing Democrats of profligacy since they took charge. The success of the attacks has not been lost on Democrats, who are hearing it regularly from their constituents back home. Republicans, who share blame for the deficits the government ran when they were in power and in particular for the increase in the national debt from the tax cuts and spending increases they passed under former President George W. Bush, are also under pressure to show they have changed their ways as well if they hope to win over the Tea Party set.

It adds up to serious new reluctance to be free with federal dollars.

Republicans are eager to blame Democrats. But Democrats note that it was Republicans who initially chose not to pay for wars in Iraq and Afghanistan, initiated a series of major tax cuts and started a new Medicare drug benefit that ran up the deficit before Democrats ever took the wheel.

“The people who set the fire are now the ones calling the fire department,” said Representative Richard E. Neal, Democrat of Massachusetts.

In any event, the deficit alarm has been sounded and lawmakers are responding. Whether it is too late for them remains to be seen.