Gordon Bajnai, Hungary's caretaker prime minister, has won plaudits abroad for his careful fiscalmanagement (the budget deficit is now 4% of GDP, down from 9% in 2006).
As I wrote last week upon my return to the Office of Management and Budget, the fiscal and economic situation we face today is very different than the projected surpluses we left behind the last time I served as OMB Director in the 1990's.