MEGAN MCARDLE: WHICH PARTY IS BETTER ON THE DEFICIT:

I’m seeing a lot of worry that if Republicans take Congress, it will be bad for the deficit, because they’re not serious about deficit reduction. I agree that they aren’t serious–but this has less bite than it might, because I’ve seen little evidence that the Democrats are serious. An enormous amount of the “Democrats are serious” credibility is borrowed from the Clinton years. Even crediting Clinton with 100% of that, and the Republican congress with none–an interpretation I think rather farfetched–that was over a decade ago. What have they done for us lately?

Kept digging.