DAVID FRUM: Why I Am Not A Deficit Hawk. Higher taxes will solve the immediate problem, and then we address the structural reforms that caused deficit in the first place.

Frum's approach sounds decent, except that it smacks directly of the Reagan years and illegal immigration: Reagan agreed to amnesty then in return for closing the border later. He got amnesty then and still-open borders today. Frum wants higher taxes now in return for structural reforms (that will reduce the need for taxes) later.

This time, there will be no 'fool me twice'.