2002, a fiscal odyssey

SO THEY have a deal. After weeks of political posturing and backroom haggling, budget negotiators from the administration and Congress have agreed on the broad outlines of a plan to balance America's federal budget by 2002. Republican leaders in Congress feel good, indeed ecstatic; the Democrats, under the brave surface smiles, rather less so. Robert Rubin, the treasury secretary, described the deal as “the best we can do”. In fact, both sides have reason to be ashamed of this budget. But for the Republicans, still smarting after the notorious budget impasse of 1995, any quick deal is a good one. As for Mr Clinton, a budget success (however ephemeral) allows him to claim some forward movement in a second term that has so far been notable mainly for torpor and scandal.